Statutes, codes, and regulations
Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCEArticle 4.2 - ASSESSMENT OF TANGIBLE PERSONAL PROPERTY
Rule 50 IAC 4.2-17 - Business Personal Property Exemption Filing Requirements
Section 50 IAC 4.2-17-3 - Changes to personal property assessment

50 Ind. Admin. Code 4.2-17-3

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Current through November 6, 2024
Section 50 IAC 4.2-17-3 - Changes to personal property assessment

Authority: 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.

50 IAC 4.2-17-3

Department of Local Government Finance; 50 IAC 4.2-17-3; filed 11/2/2020, 9:34 a.m.: 20201202-IR-050190636FRA