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Indiana Form 103-Short (Business Tangible Personal Property ReturnPersonal Property - DLGFDLGF: Personal Property Forms - Montgomery County, IndianaDLGF: Personal Property Forms - Montgomery County, Indiana 2026
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- Click ‘Get Form’ to open it in the editor.
- Begin by filling out Section I, which includes your name, business name, federal identification number, and address where the property is located. Ensure all information is accurate.
- Proceed to Section II. Here, indicate your federal income tax year end date and the location of your accounting records. Select the form of business and provide necessary details.
- In Section III, summarize your reported personal property values. Round all numbers to the nearest ten dollars as instructed.
- Finally, complete Section IV by signing and verifying the form. Make sure to include your printed name, title, date, and contact information.
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What is personal property tax for a business?
Business Personal Property Tax is a tax assessed on tangible personal property businesses own. This type of property includes equipment, furniture, computers, machinery, and inventory, among other items not permanently attached to a building or land.
What is considered business personal property in Indiana?
Business tangible personal property is the value of all property besides real estate that is used in your business or organization. It includes equipment used in the production of income or held as an investment; billboards; foundations for the equipment; and all other tangible property other than real property.
What form is used for property tax abatement in Indiana?
The Petitioner must submit an SB-1 Form (Form 51767), for real property abatements, and/or a SB-1 Form (Form 51764), for personal property abatements. The filing fee for a Real Property Abatement is $400.00 and the filing fee for a Personal Property Abatement $400.00. This fee must be submitted with the petition.
What is the business personal property tax exemption in Indiana 2025?
Indiana Business Property Tax Reform: What You Need to Know Effective retroactively from January 1, 2025, the new legislation raises the business personal property exemption threshold from $80,000 to $1 million per county in acquisition cost. That threshold will double to $2 million for 2026.
Is $80,000 a personal property tax exemption in Indiana?
Under current law, taxpayers who have less than $80,000 of depreciable asset acquisition costs in a county are exempt from personal property tax; however, these taxpayers are still required to file a business personal property return claiming the exemption.
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People also ask
What is the business personal property exemption in Indiana?
Under $80,000 Exemption Per IC 6-1.1-3-7.2, if the cost of a taxpayers total business personal property in a county is less than $80,000 for the assessment date, then the taxpayers business personal property in the county for that assessment date is exempt from taxation.
What is considered tangible personal property in Indiana?
Forms to pay your Business Personal Property taxes Business tangible personal property is the value of all property besides real estate that is used in your business or organization. It includes items like computers, furniture, fixtures, tools, leased equipment, and any other equipment used in producing an income.
What is the personal exemption in Indiana?
Any individual filing an Indiana tax return may claim a $1,000 exemption for themselves. This exemption is available even if the individual can be claimed as a dependent on another taxpayers return.