This month, Tony’s Tip addresses complying with Indiana’s personal property tax laws.
February 5, 2019
INDIANA PERSONAL PROPERTY COMPLIANCE
The completed personal property return must be filed with your local assessor no later than May 15, 2019. Taxes on those reported values are due in two installments, on May 10 and November 10, of the following year.
BE SURE YOU REMEMBER THE FOLLOWING:
- File Form 103-ERA for personal property located in an economic revitalization area (ERA).
- Remove equipment costs associated with industrial waste control facilities, and file those on a Form 103-P.
- Remove costs associated with special tooling, and file those on a Form 103-T
- All equipment you’ve identified that qualifies for special adjustments (equipment not yet placed in service; special tooling; permanently retired equipment; equipment that qualifies for abnormal obsolescence) should be reported on Form 103-Long.
- If you are anticipating spending a substantial amount of money in the current year, you must apply for an economic revitalization zone prior to December 31! This ensures you realize property tax reductions on your investment.
FINALLY, IF YOU HAVE DIFFICULTY IN DECIDING WHAT FORM TO USE OR ARE UNCERTAIN WHAT QUALIFIES FOR REPORTING ON THEM, CONTACT A LOCAL EXPERT TO ASSIST YOU. DON’T WAIT UNTIL THE LAST MINUTE TO GET THIS DONE!