Indiana Business Personal Property Tax: Form 103, the Exemption and the Deadline

If your business owns equipment, furniture, tools, computers or other movable property used to operate, Indiana requires you to report it to your county assessor every year. That report is the business personal property return, filed on Form 103. Many small businesses also qualify for an exemption that can remove the filing obligation, but the threshold has changed, and older articles still quote a figure that no longer applies.

This guide covers who files, the May 15 deadline, how the exemption works, how to claim it on the return, and where the official sources leave gaps you need to close with your county. It is informational only and is not legal or tax advice. Confirm any figure here with your county assessor or the Indiana Department of Local Government Finance (DLGF) before you rely on it.

What Indiana Counts as Business Personal Property

Business personal property, also called tangible personal property, is the physical property a business uses to earn income. In practice that usually means machinery, equipment, furniture, tools, computers and similar items used in the business. Real estate is not reported on this return. It is assessed separately.

Which items count, and how certain categories are treated, is decided at the county level. If you are unsure whether an asset belongs on the return, ask the assessor before the deadline rather than guessing. An asset left off a return that should have been reported is harder to fix later than a question asked in March.

The May 15 Deadline

The filing deadline shown on the DLGF personal property page is May 15, and it falls on May 15 each year. For the 2026 assessment cycle, the deadline is May 15, 2026. Mark that date on your calendar, and plan to have your asset list and acquisition costs ready several weeks earlier.

Penalty and extension rules are set by each county, not by a single statewide schedule, and they are covered in a later section. Do not assume an extension exists or that a late return will be accepted without consequence. Treat May 15 as the date the return must be in the assessor's hands.

Form 103: The Business Personal Property Return

Form 103 is the return you file to report business personal property to the county assessor. It is the form most readers mean when they search for the Indiana business personal property tax return. Because filing practices and online portals differ by county, the same form may be submitted in different ways depending on where your business sits.

Before you file, ask the assessor for the current Form 103, confirm whether your county accepts it online, by mail or in person, and find out whether a particular version is required. Keep a complete copy of everything you submit, along with proof of delivery such as a portal confirmation or a receipt from the office.

The Exemption: Under $2,000,000 in Total Acquisition Cost

Indiana Code 6-1.1-3-7.2 (IC 6-1.1-3-7.2) exempts a taxpayer whose total acquisition cost of business personal property in a county is less than $2,000,000. The test applies county by county. The figure you compare against the threshold is what you paid for business personal property located in the county where you file, not your company's total across all of Indiana.

For example, a business with $1,850,000 in total acquisition cost of business personal property in one county falls under the threshold. A business with $2,150,000 in that same county does not, and it has to file a full return for that county.

Ignore the older $80,000 figure. Older Purdue Extension material cites an $80,000 threshold. That number is superseded. The current $2,000,000 threshold comes from 2025 legislation, reported as HEA 1427, and applies starting with the 2026 assessment. Confirm the bill number with DLGF before you cite it in any filing or in a conversation with your accountant.

How to Claim the Exemption on the Return

If your total acquisition cost in the county is under the threshold, claim the exemption on Form 103 with these steps:

1. Check the exemption box on the return.
2. Enter your total acquisition cost of business personal property in the county.
3. Complete only Sections I, II and IV of the return.
4. Also file Form 104 with DLGF.

Form 104 is a separate DLGF filing that goes with the exemption claim, so the Form 103 alone does not finish the job. Confirm with DLGF and your county assessor when Form 104 is due, where it is submitted and whether it must be filed every year. Search the DLGF website for current instructions rather than relying on a copy of the form found elsewhere.

Acquisition cost is the number that drives the whole exemption, so keep records that support it. Purchase invoices, equipment receipts, asset registers and dates of acquisition are the documents an assessor is most likely to ask for. Reconcile your asset list against your accounting records each year before you total it.

When You May Not Need to File Again

DLGF's personal property guidance says that if you claimed the exemption in a previous assessment year and your business still qualifies, no return is required. That can save a qualifying business a yearly filing, but only if the rule applies to your county and your facts.

The same DLGF page also says that all businesses, churches and not-for-profit organizations must file each year, even if they qualify for an exemption. The two statements point in different directions for a qualifying business. Do not assume either one applies to you until the county assessor confirms which rule governs your situation.

Your situation	What the DLGF page says	What to do
Claimed the exemption last year and still under $2,000,000	No return required for the later year	Ask the assessor to confirm this in writing
Qualify for the exemption this year, any business type	All businesses must file each year	Ask the assessor which rule applies to your county
At or above $2,000,000 in the county	Not eligible for the exemption	File the return and confirm the reporting requirements with the assessor

Late Filing, Penalties and Extensions

Late-filing penalties and extension rules for business personal property are set at the county level. We did not confirm them from an official page, so treat them as unverified. Do not plan around a particular penalty amount or an extension date you have not received in writing.

If you think you will miss May 15, contact the county assessor before the deadline, not after. Ask in writing what the late-filing penalty is, whether an extension is available, and how to request one. Keep that written answer with your filing records.

Common Mistakes to Avoid

• Using the $80,000 figure. Older guides cite it. The current threshold is $2,000,000 in total acquisition cost in the county.
• Assuming the exemption carries forward automatically. Confirm with the assessor whether your prior claim still covers the current year.
• Filing only the exemption claim. The exemption route also requires Form 104 with DLGF.
• Counting property across all counties. The threshold is measured in each county.
• Relying on a guess about county rules. Penalties, extensions and portal access differ by county, so ask the local office.

Questions to Ask Your County Assessor

A short call or email before May 15 will answer most of the open questions in this guide. Ask the following:

1. Does the rule that all businesses must file each year, or the rule that a previously exempt business needs no return, apply to my business?
2. Which version of Form 103 should I use, and can I file it online, by mail or in person?
3. Where and when is Form 104 filed with DLGF, and does it need to be filed every year?
4. What is the late-filing penalty, and can I get an extension? How do I request one?
5. Which assets count as business personal property in this county, and how should I calculate total acquisition cost?

Where This Fits in Indiana Property Tax

Business personal property is part of Indiana's property tax system. It is assessed locally through the county, which is why filing practices differ across the state. Your total Indiana property tax bill depends on the local tax rates that apply where your property sits and on the assessed value of what you report, so the county assessor is the right source for exact numbers.

The Indiana personal property tax on business assets is a local property tax. It is separate from the state income tax returns that a business owner may also file, so do not mix the two deadlines or the two sets of forms.

Next Steps

Start by totaling your acquisition cost for each county where you hold business personal property. If the total in a county is under $2,000,000, confirm with the assessor whether you must file Form 103 with the exemption box checked, whether Form 104 applies, and whether you need to file at all this year. If the total is $2,000,000 or more, file the return and confirm the reporting requirements with the same office.

Finish the paperwork before May 15, keep copies of every submission, and save any written answers from the assessor. Those records are what you will need if a question comes up later.

Disclaimer

This article is informational only. It is not legal or tax advice. Indiana business personal property rules, exemption thresholds and filing requirements can change, and county practices vary. For complex situations, such as property in several counties, large equipment purchases, a prior exemption claim that may no longer apply, or questions about penalties, consult a qualified CPA or attorney, and confirm current requirements with your county assessor and the Indiana Department of Local Government Finance.