Personal Property Exemption Faq
The Personal Property Department
Definition of Personal Property
In addition to real estate, Indiana taxes personal property. 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. Personal property is any property not attached to real estate, such as but not limited to farm implements, office equipment, and manufacturing equipment.
Personal Property is self-assessed by the taxpayer but then it is audited at the County Assessor's office for accuracy. The Personal Property Return is confidential with the exception of Form 104 which is available for public viewing.
All personal property is assessed based on the March 1 assessment date. The taxpayer reports all assets/equipment (self-assessed) on March 1 and must report to the County Assessor by May 15. Failure to file by May 15 will cause the taxpayer to receive a $25 penalty assessed to their tax bill. If the taxpayer fails to file before June 15, an additional 20% will be added in addition to the original tax due and the $25 late fee.
Whichever form applies to your business (Form 102, Form 103 Short, or Form 103 Long) must always have a Form 104 attached when filing with the County Assessor.
The Form 104 is used for public information and is not confidential. This form must be included with every return.
The Form 102 is used to report all tangible farm equipment.
Form 103 Short and Form 103 Long are used in reporting all business tangible personal property.
Recent changes in Indiana law now require taxpayers who file a Business Tangible Personal Property Return (102, 103 Short, 103 Long) to complete the entire form. The following are regularly absent from filed returns:
- Principle Business Codes (see NAICS Business Activity Codes)
- 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).
List of Taxing Districts
Taxpayers are required to report to the taxing district in which the asset/equipment is located on March 1. Grant County has 37 different taxing districts. The situs address on March 1st will determine the taxing district.
To determine your Taxing District, visit the county's GIS, and search by the situs address. Once located, the taxing district can be determined by using the last 3 digits of the parcel id number associated with that address. Those 3 digits should be preceded by "27". For example, if the last 3 digits of the parcel number are "001", your taxing district number would be 27001. You can also contact the Grant County Assessor's Office Personal Property Division at (765) 668-6562 for assistance in determining the taxing district.
- Taxpayers may qualify for tax abatement on personal property. If the County Council has approved a business for tax abatement, the taxpayer must annually file certain paperwork in order to insure compliance.
50 IAC 4.2 Assessment of Tangible Personal Property
Grant County’s web site-grantcounty.net
IAC-Indiana Administrative Code