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personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Indiana, personal property tax is levied on certain items of personal property, including motor vehicles, boats, and aircraft, which are used to produce income. This tax is considered an ad valorem tax, meaning it is based on the value of the property. Businesses in Indiana are required to report their personal property annually to the county assessor where the property is located using prescribed forms. The assessed value is determined by the county assessor and is based on the property's acquisition cost, age, and type of property. Tax rates vary by locality and are applied to the assessed value of the property to determine the tax liability. It's important for businesses to comply with the reporting requirements and deadlines to avoid penalties. Exemptions and deductions may be available for certain types of property or for properties below a certain value threshold.

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Taxes

personal property tax

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Indiana State Code

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Taxes

personal property tax

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