Starting for 2017, taxpayers with up to $20,000 in personal property acquisition costs in each county will be exempt from personal property taxes. However, you must still send in returns with acquisition cost.
Personal Property is a self-assessment system. The taxpayer is responsible for reporting all tangible 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.
Filing Requirements & Procedures For Personal Property Assessment
Per IC 6-1.1-2-1.5, the assessment date for Personal Property is January 1st beginning in 2016 and the filing due May 15th each year. Amended returns are allowed within twelve months from the date of the original return. Only timely filed original returns can be amended per IC 6-1.1-3-7.5
Under $20,000 Exemption
If you own a business that holds and/or operates equipment with a total acquisition cost under $20,000, you may qualify for an exemption on your tangible business personal property equipment. An Under $20,000 Exemption Form MUST be filed with the Porter County Assessor's office annually.
For more information about Business & Personal Property Taxes, you can Submit A Question Online to the Porter County Assessor's office or call (219) 465-3460.