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Anyone who owns a business, a rental property, or a farm in Indiana AND has items that depreciate on their tax return, must file what is known as a Tangible Personal Property tax form with their county assessor. This return is filed outside of your tax return.
The deadline for a PPT is May 15th every year. The amount that is due is not paid until the following year, and you will receive a document in the mail about two payments: one spring, and one fall.
Items that are include in the calculations of PPT are items you do not pay property tax, excise, or wheel tax on.
For example, a business has office with furniture, a computer monitor, chairs. These types of items are known as tangible property. the building is paid for by property taxes.
A Farmer pays for PPT on items such as tractors, combines.
Any items that is not paid by property taxes, or have a license plate is subject to Tangible Personal Property taxes.
If you need help filling a PPT or have questions, call our office at (812) 478-2800 and ask for our PPT expert, CB!