Tangible Personal Property “Manual” – regulation 16 or Title 50 of the Indiana Administrative Code Article 4.2

Assessment Date – March 1^st [50IAC 4.2-1-1 (d)]

Written/Approved Extension of Deadline – An extension of up to thirty-days (30) may be granted (June 14^th) provided an extension is requested in writing prior to May 15^th.  The request should include a reason for the request [50 IAC 4.2-2-3]

Place of Filing; Assessment – A personal property tax return must be filed in each taxing district where property has a tax situs on the assessment date. [50 IAC 4.2-2-1] If a question arises as to the property place to assess personal property, the county assessor shall determine the place if the conflict involves different townships, which are located within the county the assessor serves.  If the conflict involves different counties, the state Department of Local Government Finance shall determine the proper place of assessment. [IC6-1.1-3-4]

Taxing District – An area within a township having tax levies and rates different from other areas within the same township. [50 IAC 4.2-1-1 (n)]

Who must file? Every firm, company, partnership, association, corporation, fiduciary, or individual owning, holding, possessing or controlling personal property with a tax situs within the State of Indiana on March 1^st of any year.

Depreciable Personal Property – All tangible personal property that is used in trade or business, used in the production of income or held as an investment that should be or is subject to depreciation for federal income tax purposes. [50 IAC 4.2-1-1 (I) & 4.2-4]

Construction In Process – Tangible personal property that has been purchased but has not been installed and “placed in service”. [50 IAC 4.2-1-1 (j) & 4.2-6-1]

Special Tooling – Specialized in nature, it is the tools, dies, jigs, fixtures, gauges, molds and patterns that its use generally ceases with the modification or discontinuance of products or product models. [50 IAC 4.2-1-1 (j) & 4.2-6-1]

Inventory – Cost incurred to acquire or produce items of tangible personal property that are: (a) held for sale in the course of business; (b) currently in the process of productions of subsequent sale; (c) ultimately to be consumed in the production of goods or services to be available for sale; or (d) utilized in marketing or distribution activities.

Confidential Returns 0 Form 102 and Form 103 (Long, short & Consolidated) and all of their supplemental attachments such as the form 103-I, 103-N, 103-O, 103-T and the 103-W [50 IAC 4.2-15-11] and Form 1 (Utility)

Returns for Public Viewing – Forms 101, 104, 104C and 105