Data was last updated 3/26/2019

PERSONAL PROPERTY

Personal Property is a self-assessed valuation system whereas property owners are responsible for reporting all tangible personal 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. Completed personal property returns must be filed with the assessors no later than May 15th. Pursuant to Indiana Code 6-1.1-3-7 (b), a county assessor MAY grant an extension of not more than thirty (30) days to file the taxpayer’s return. Personal Property filing extensions will not be granted in Lake County for 2016.

Personal Property Exemption

Effective July 1, 2015, IC 6-1.1-3-7.2 was amended to provide an automatic exemption for a taxpayer’s business personal property if the acquisition cost of that taxpayer’s total business tangible personal property is less than $20,000 for the assessment date.

Beginning in 2016, taxpayers who meet the above criteria should declare the exemption using the personal property form they would ordinarily use to file their return. However, for purposes of the January 1, 2016 assessment date only, a taxpayer who has used or who will use a notarized certification to declare the exemption does NOT violate the law and does not need to file a personal property return to declare the exemption. Please note that there is a Local Service Filing Fee of $50 for the annual certification of exempt property pursuant to IC 6-1.1-3-7-3. Additionally, failing to timely file will result in a $25 late penalty. The Local Service Filing Fee will be reflected on the 2016 pay 2017 property tax bill. Please do not submit payment with the certification form or personal property return. A taxpayer believing he/she qualifies for this exemption is encouraged to review IC 6-1.1-3-7.2 in consultation with their legal counsel and/or financial advisor.

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