Definition of Terms
As with all county government offices, the assessor’s office works with the taxpayers and other government officials and use terms somewhat unique to their daily activities. The following are the most frequently used terms and their definitions.
Assessment Notice – A written notice to the property owner of the assessed value of certain properties described in the notice. Law mandates that notice be given to the property owner following a revaluation of the property. The Form 11 is the actual notice sent by the assessor and lists the previous assessed values and the new assessed values.
Land – The ground on which improvements may be placed. This does not include anything but the land itself.
Improvements – Anything that is built on the land (e.g., house, barn, pool, paving etc.).
Real Property – The sum of tangible and intangible rights in land and improvements on the land. Real property means the following:
- land located within this state;
- a building or fixture situated on land located within this state;
- an appurtenance to land located within this state;
- an easement in land located within this state, or an estate, right, or privilege in mines located on the land or minerals, including, but not limited to, oil and gas, located in the land, if the estate, right, or privilege is distinct from the ownership of the surface of the land; and/or
- a gaming riverboat licensed under IC-4-33.
Business Personal Property – Business personal property taxes are levied against equipment used in the production of income or held as an investment; billboards; fondations for the equipment; and all other tangible property other than real property. Computer application software is considered an intangible asset and is not assessable. Inventory is no longer taxed.
Personal property values are assessed January 1 of every year and are self reported by property owners to assessors using prescribed state forms. The completed personal property return must be filed with the assessors no later than May 15. Taxes on the reported values are due in two installments – May 10 and November 10 of the year following assessment year.
Licensed motor vehicles, trailers, motorized boats, most airplanes, campers, recreational vehicles and other registered vehicles that are subject to excise tax collected at the time of licensure by the Indiana Bureau of Motor Vehicles are not subject to personal property tax.
For taxpayers with less than $20,000 acquired costs, legislation was passed in 2015 that exempts this property.
In order to qualify for this exemption without additional fines, the taxpayer must continue to file Form 103S, Form 103L, or Form 102 each year by May 15.
For more information and explantions see the below links:
Tangible Property – This is the combination of real property and business personal property.
Intangible Personal Property – Personal Property, such as money, deposits, credits, shares of stock, bonds, notes, other evidences of indebtedness, and other evidences of property interests: paper assets. Intangible Property is not assessed by the County Assessor.
Mobile Home – A mobile home is a dwelling that:
- is factory assembled;
- is transportable;
- is intended for year-round occupancy;
- exceeds thirty-five (35) feet in length; and
- is designed either for transportation on its own chassis or placement on a temporary foundation
Mobile Home as Real Property – A mobile home that has an affidavit of transfer to real estate recorded by the county recorder, or has a certificate of title issued by the bureau of motor vehicles and is attached to a permanent foundation. This type of mobile home is assessed as a dwelling.
Annually Assessed Mobile Home – A mobile home that has a certificate of title issued by the Bureau of Motor Vehicles and is NOT on a permanent foundation. This type of mobile home is assessed from the NADA (National Automobile Dealers Association) guidelines.
Mobile Home Held as Inventory – An unoccupied mobile home that is held for sale in the normal course of trade or business is considered inventory and is not subject to taxation.