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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. Computer application software is considered an intangible asset and is not assessable. Inventory is no longer taxed. Licensed motor vehicles, trailers, motorized boats, most airplanes, campers, recreational vehicles, and other registered vehicles that are subject to excise tax collected at the time of licensure by the Indiana Bureau of Motor Vehicles are not subject to personal property tax.
Per IC 6-1.1-2-1.5, the assessment date for Personal Property is January 1st and the filing is 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 $80,000 Exemption
Per IC 6-1.1-3-7.2, if the cost of a taxpayer’s total business personal property in a county is less than $80,000 for the assessment date, then the taxpayer’s business personal property in the county for that assessment date is exempt from taxation. The taxpayer must declare the exemption using personal property form 102 or 103.
Beginning with the January 1, 2023 assessment date, a taxpayer is no longer required to file a personal property tax return if they have previously filed a return that claimed the exemption, unless or until the taxpayer no longer qualifies for the exemption. If the taxpayer filed a return and claimed the exemption for the January 1, 2022 assessment date and continues to qualify for the exemption in 2023, no return is required in 2023.
Gibson County is the largest producer of Oil in the State of Indiana. Any changes to name or oil interest must be submitted to pipeline company before it can be changed in the Assessor’s Office.
Form G & O-1 must be filed by May 15th of each year.
Every January we visit all annually assessed mobile homes in Gibson County. Moving permits and title transfer can be obtained in the Gibson County Treasurer’s Office. That information is then given to the Assessor’s office to determine ownership. Ownership can only be changed by title transfer paperwork filed in Treasurer’s office.
