Any person including any firm, company, partnership, association, corporation, or individual owning, holding, possessing or controlling tangible personal property and having a tax situs within the State of Indiana on January 1, must file a Business Personal Property Tax Return with the appropriate Assessor's office. (see 50 IAC 4.2)
Personal Property Defined 50 IAC 4.2-1-1.1 (g) - Depreciable personal property means all tangible personal property that is used in a 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 in Indiana is a self assessment system. Therefore, it is the responsibility of the taxpayer to obtain the appropriate forms and file a return with the correct assessing official by May 15 of each year (unless the 15th falls on a weekend in which case the return would be due the following Monday).
Extensions & Amendments
Hamilton County does not allow extensions. Any requests for extensions will be denied due to our tight deadline in getting information to the State.
A taxpayer has the right to file 1 amended return if the original return was filed on time. Amended return deadline was extended from 6 months to 12 months. Amended returns filed after 6 months, however, incur a 10% reduction in credit or refund.
Business Tangible Personal Property
The Department of Local Government Finance (DLGF) provides instant access to publications, memos, tax rates, contact information for local officials and much more on their website. See Regulation 16 (50 IAC 4.2) which contains the rules and regulations for the assessment of tangible personal property for the State of Indiana.