Unlike Real Estate assessments, Personal Property is a self-assessment system. The taxpayer is responsible for reporting all tangible personal property that is used in their trade or business, used for the production of income, or held as an investment that should be or is subject to depreciation for federal income tax purposes.
Filing Requirements and Procedures for Personal Property Assessment 50 IAC 4.2
Per 50 IAC 4.2-2-1, every person, firm, company, partnership, association, corporation fiduciary, or individual owning, holding, possessing, or controlling personal property with a tax situs within the state as of January 1st of any year is required to file a personal property tax return on or before May 15th of that year.
The following are regularly absent from filed business personal property returns:
- Principal Business Codes (see NAICS Business Activity Codes below)
- Federal ID Numbers/Social Security Numbers
- Taxpayer Signatures
- Incomplete returns may result in fines pursuant to Indiana law IC 6-1.1- 37-7(d).
All Form 102's and 103's need to be coded with whichever NAICS code best describes the business for which the forms are being submitted. Located on page one of the Business Tangible Personal Property Return (Forms 102 & 103), this is the same six-digit principal business activity code that appears in Schedule K, Line 2(a) of a corporation's federal income tax return. Form 104 is REQUIRED when filing Forms 102 or 103.
Beginning January, 2021 Personal Property forms can be submitted online. Use Microsoft Edge or Google Chrome to visit: https://www.ppopin.in.gov/
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