Section 50 IAC 4.2-17-3 - Changes to personal property assessmentAuthority: IC 6-1.1-31-1
Affected: IC 6-1.1-3-7.2; IC 6-1.1-15
Sec. 3.
(a) If a taxpayer timely files a fully completed personal property tax return with a countywide total acquisition cost of less than forty thousand dollars ($40,000) and does not claim the business personal property tax exemption, the assessor shall reduce the assessment to zero ($0).(b) If the assessor reduces an assessment as outlined in subsection (a), Form 113/ PP shall be sent to the taxpayer notifying the taxpayer of this change in assessment.(c) Taxpayers that wish to claim the business personal property tax exemption may submit an amended personal property tax return.Department of Local Government Finance; 50 IAC 4.2-17-3; filed 11/2/2020, 9:34 a.m.: 20201202-IR-050190636FRA