Indiana Farmer's Tangible Personal Property Assessment Return

Farmer's Tangible Personal Property Assessment Return
Form 102
FARMER'S TANGIBLE PERSONAL
PROPERTY ASSESSMENT RETURN

FORM 102

JANUARY 1, 2025
For Assessor's Use Only

PRIVACY NOTICE
This form contains confidential
information pursuant to IC 6-1.1-35-9.

State Form 50006 (R28 / 11-24)

Prescribed by the Department of Local Government Finance

For taxpayers with less than $80,000 in acquisition costs to report within the county, IC 6-1.1-3-7.2 exempts this property. If you are claiming this
exemption, check this box, enter the total acquisition cost of your personal property in the county, and complete only sections I, II, and IV of this form. If you
are claiming this exemption through this form, you must also file Form 104. If you filed a return and claimed this exemption in a previous assessment year
and you continue to qualify for this exemption, no return is required.
$ _____________________________________
If property is in more than one (1) location, what is the address for the location where the sum of acquisition costs for the property is greatest within the same county?

An exemption granted under IC 6-1.1-10, or any other statute supersedes this exemption. A taxpayer whose personal property is exempt because it was
granted an exemption by the county must follow all applicable procedures for the approved exemption, which includes completing the personal property
return. No return is required for a church or religious society if a return has been filed for five (5) consecutive years and continues to meet the requirements
of a granted exemption.
INSTRUCTIONS: This form must be filed with the township assessor, if any, or county assessor of the county in which the property is located not later than
May 15, 2025, unless an extension of up to thirty (30) days is granted in writing. A Form 104 must be filed with this return.
SECTION I
Name of Taxpayer

Name Under Which Business Is Conducted

Federal Identification Number *

Nature of Business

DLGF Taxing District Name

DLGF Taxing District Number **

NAICS Code Number ***

Township

County

Address Where Property Is Located (number and street)

City

State

ZIP Code

Address to Which Assessment and Tax Notification Should Be Mailed (if different than above)

City

State

ZIP Code

* An individual using his/her Social Security number as the federal identification number is only required to provide the last four (4) digits of that number. [IC 4-1-10-3]
** Filers will need to contact the county assessor for assistance, as heavily populated areas may have several taxing districts within a single township. Additionally, taxing district
names and taxing district number can be found at: https://budgetnotices.in.gov/.
*** NAICS - North American Industry Classification System - A complete list of codes may be found at www.census.gov. Note: Number appears on your federal income tax return.

SECTION II
1. Did you own, hold, possess or control any leased or other Depreciable Personal Property on January 1? If yes, report it on Page 3 or file the Form 103 – N or 103 – O.
(See 50 IAC 4.2-8-3 & 4). Note: Failure to properly disclose lease information may result in a double assessment.
Yes
2. Total Number of Acres Operated

Total Number of Acres Owned

Total Number Acres Leased or Rented

Name of Owner(s) of Land Share on Rent Basis

Address of Owner(s) of Land Share on Rent Basis (number and street, city, state, and ZIP code)
Specify Other Livestock:

3. Type of Farm: Livestock:

Dairy
GRAIN:

Beef

Total number of acres
raised previous year.

No

Total Number Acres Farmed on Share Basis

Hogs

Feeder Pigs

Corn

4. Was any land removed from production
since the last assessment date?

Other

Soybeans

Yes

No

Wheat

Number of Acres

Specify Other (grains, forage, etc.):

Land Is Now Used for:

5. Do you have property in multiple locations?

Yes

No

SECTION III
SUMMARY (round all numbers to nearest ten dollars)

REPORTED BY TAXPAYER

CHANGE BY ASSESSOR

CHANGE BY THE COUNTY BOARD

SCHEDULE A - PERSONAL PROPERTY

$

$

$

DEDUCTION PER FORM 102-ERA

-

$

$

$

FINAL ASSESSED VALUE

=

$

$

$

SECTION IV

SIGNATURE AND VERIFICATION

Under penalties of perjury, I hereby certify that this return (including any accompanying schedules and statements), to the best of my knowledge and belief, is true, correct, and
complete; if applicable, reports all tangible personal property subject to taxation owned, held, possessed or controlled by the named taxpayer in the stated township or taxing
district on the assessment date, as required by law; and is prepared in accordance with IC 6-1.1 et seq., as amended, and regulations promulgated with respect thereto.
Signature of Authorized Person
Printed Name of Authorized Person
Date (month, day, year)
Title of Authorized Person

Telephone Number

(

)

Page 1 of 4

Email of Authorized Person

SECTION V
FORM 102
See 50 IAC 4.2-4
LINE

1
2
3
4
5
6
7

TANGIBLE PERSONAL PROPERTY
CONFIDENTIAL

(Round all figures below to nearest dollar)
Total: Cost of Tangible Depreciable Personal Property (50 IAC 4.2-4-2)
Add: Cost of All Depreciable Personal Property Still in Use But Written Off
Deduct: Exempt Property (50 IAC 4.2-11.1)
Industrial Air Purification or Industrial Waste Control Facilities (Attach Form 103 – P) $
Airplanes Subject to Excise Tax
Number of Units _________________
Vehicles Subject to Excise Tax
Number of Units _________________
Total: Cost of Exempt Property (Line 3 + Line 4 + Line 5)
Total: Cost of Assessable Depreciable Personal Property (Line 1 + Line 2) - Line 6. (Must agree with Line 47)
YEAR OF ACQUISITION
POOL NUMBER 1:
(1 TO 4 YEAR LIFE)

8
9
10
11
12

JANUARY 1, 2025

COLUMN A
TOTAL COST OR
BASE YEAR VALUE

COLUMN B
ADJUSTMENTS **

Detail Must Be Shown
on Form 106

$
$

COLUMN C
ADJUSTED COST

COLUMN D
T.T.V.%

TRUE TAX VALUE

65
50
35
20

1-2-24 To 1-1-25
1-2-23 To 1-1-24
1-2-22 To 1-1-23
Prior To 1-2-22
TOTAL POOL NUMBER 1

$

$

$

$

$

POOL NUMBER 2: (5 TO 8 YEAR LIFE)

13
14
15
16
17
18
19
20

40
56
42
32
24
18
15

1-2-24 To 1-1-25
1-2-23 To 1-1-24
1-2-22 To 1-1-23
1-2-21 To 1-1-22
1-2-20 To 1-1-21
1-2-19 To 1-1-20
Prior To 1-2-19
TOTAL POOL NUMBER 2

$

$

$

$

POOL NUMBER 3: (9 TO 12 YEAR LIFE)

21
22
23
24
25
26
27
28
29
30
31
32

40
60
55
45
37
30
25
20
16
12
10

1-2-24 To 1-1-25
1-2-23 To 1-1-24
1-2-22 To 1-1-23
1-2-21 To 1-1-22
1-2-20 To 1-1-21
1-2-19 To 1-1-20
1-2-18 To 1-1-19
1-2-17 To 1-1-18
1-2-16 To 1-1-17
3-2-15 To 1-1-16
Prior To 3-2-15
TOTAL POOL NUMBER 3

$

$

$

$

POOL NUMBER 4: (13 YEAR AND LONGER LIFE)

33
34
35
36
37
38
39
40
41
42
43
44
45
46

40
60
63
54
46
40
34
29
25
21
15
10
5

1-2-24 To 1-1-25
1-2-23 To 1-1-24
1-2-22 To 1-1-23
1-2-21 To 1-1-22
1-2-20 To 1-1-21
1-2-19 To 1-1-20
1-2-18 To 1-1-19
1-2-17 To 1-1-18
1-2-16 To 1-1-17
3-2-15 To 1-1-16
3-2-14 To 3-1-15
3-2-13 To 3-1-14
Prior To 3-2-13
TOTAL POOL NUMBER 4

$

$

$

Page 2 of 4

$

JANUARY 1, 2025

47
48
49
50
51
52
53
54
55
56
57
58

Total: Cost All Pools (Column A) $
Total: Column B Adjustments Per Form 106
$
Total: Column C Adjusted Cost ALL POOLS
$
Total: Column D True Tax Value of Pools 1, 2, 3 and 4
30% of Line 49, Column C
$
Greater of Lines 50 or 51 (Must Not Be Less Than 30% of Line 49) (50 IAC 4.2- 4-9)
Additions @ True Tax Value: Equipment Not Placed in Service at Cost
Cost $
X
10% =
Permanently Retired Equipment Per Form 106 (50 IAC 4.2-4-3 (d))**
Total Additions to Line 52 True Tax Value (Line 53 + Line 54)
Total: True Tax Value before adjustment for Abnormal Obsolescence (Line 52 + Line 55)
Abnormal Obsolescence adjustment Per Form 106 (50 IAC 4.2-4-8)
Total: True Tax Value of Personal Property Other than Inventory (To Page 1, Form 102 Summary) (Line 56 - Line 57)

$
$
$
$
$
$

** The total of Permanently Retired Equipment is to be deducted in full in Column B above. The True Tax Value of such is to be computed on Form 106, and recorded on Line 54.

SECTION VI
Information of Not-Owned Personal Property
NOTE: This section is for the reporting of five or less lease agreements. For other leases, the Form 103 – N (for the lessee or the person in possession)
and the Form 103 – O (for the lessor or the owner of the equipment) should be utilized. For more information on the reporting of leased equipment, refer
to 50 IAC 4.2-8.
NOTE: Failure to properly disclosure lease information may result in a double assessment. (IC 6-1.1-2-4(a))
Please Check Only One (1):
Operating Lease which is assessable to the owner of the equipment (not assessed on this return).
Capital Lease which is assessable to the person in possession and is assessed on this return.
Name and Address of Owner

Location of Property

Date of Lease
(month, day, year)

Page 3 of 4

Model Number
& Description

Reported on
Line Number

Cost, if Known

CLOSED BUSINESS
1. Has this business closed?

Yes

No

2. Date of business closure:

__________________________________________________________________

NOTE: If your business closed and you did not sell the personal property, consult with 50 IAC 4.2 to determine if an assessment should still be filed.

CHANGE IN STATUS BY THIS TAXPAYER SINCE THE LAST ASSESSMENT DATE (SOLD OR MOVED)

If personal property reported in this taxing district last year has either been sold or moved to another location, no return reporting an assessment is required.
NOTE: In order to reduce the possibility of an estimated assessment and a penalty for failing to file a return, taxpayers may elect to inform the assessor when personal property
is sold or moved out of a county. If the business is closed, you still hold title to the property, and the property is still physically located within the taxing district, an assessment
may be required. The assessment of a closed business is fact sensitive and would be handled on a case-by-case basis.

☐ Yes

6. If you sold all of your personal property to another owner, did it remain in the same taxing district?

☐ No

☐ N/A

7. If you sold all of your personal property to another owner and it remained in the same taxing district, who is the new owner?

8. Do you still own personal property that was moved from this taxing district?

☐ Yes

☐ No

☐ N/A

Date Moved

Filing Basics:
Taxpayers now have the opportunity to file personal property returns online at: www.ppopin.in.gov.
Indiana’s personal property tax system is a self-assessment system; therefore, it is the taxpayer’s responsibility to file this form in a
timely manner. The necessary forms are also available on the Department’s website at: https://www.in.gov/dlgf/forms/dlgf-forms/.
Personal property must be assessed in each taxing district where property has a tax situs.
For taxpayers with less than $80,000 in acquisition costs to be reported within a county, Ind. Code § 6-1.1-3-7.2 exempts this property. If
you are claiming this exemption through this form, you must also file Form 104. If you filed a return and claimed this exemption in the previous
assessment year and you continue to qualify for this exemption, no return is required.
Fully depreciated assets that are still in use but have been written off should be added back. Depreciation expenses are claimed
for income tax purposes while assets are assessed for property tax purposes until the asset has been retired from use.
The use of the asset is the key. The grain bin, used for storage, is classified in 50 IAC 4.2-4-10 as real property while the legs and
other loading/unloading systems are classified as part of the machinery and equipment which is assessed as personal property.
The same logic would apply to automated feeding and watering systems in livestock or poultry buildings, as their use pertains to
the operation and not the structure of the building.
Inventory located in the State of Indiana is exempt and is not required to be reported per Ind. Code § 6-1.1-1-11(b)(3).
To locate contact information for the various county offices (assessor, auditor, and treasurer), go to:
https://www.in.gov/dlgf/contact-your-local-officials/. To learn more about Indiana’s personal property tax system, go to:
https://www.in.gov/dlgf/assessments/personal-property/.
Taxpayers may request up to a thirty (30) day extension to file their return. The written request should be sent to the assessor
before the filing deadline of May 15, 2025, and should include a reason for the request. The assessor may, at their discretion,
approve or disapprove the request in writing.
Taxpayers who discover an error was made on their original timely filed personal property tax return have the right to file an amended
return. The amended return must be filed within twelve (12) months of the due date or the extended due date (if up an extension was
granted) of their original return. The deadline to amend this return, if no extension has been granted, is May 15, 2026.
If you hold, possess, or control not-owned personal property on the assessment date, you have a liability for the taxes imposed for
that year unless you establish that the property is to be assessed to the owner. This is done by completing Form 103 – N, attaching it
to Form 102, and filing it with the assessor. A taxpayer declaring the exemption on Page 1 of this form may, as deemed necessary
by the applicable assessor, needs to file Form 103 – O or Form 103 – N, as applicable, to verify that the individual is the
appropriate taxpayer to claim the exemption.
NOTE: Failure to properly disclose lease information may result in a double assessment. (IC 6-1.1-2-4(a))
Failure to file a return or be granted an extension of time to file a return by May 15, as required by law, will result in the imposition
of a twenty-five dollar ($25) penalty to the person’s next property tax installment. Effective May 1, 2024, an additional penalty will
be added to the overall tax liability, as calculated below:
o
o

If the return is filed before November 15, the lesser of 10% of the taxes due or $10,000; or
If the return is filed after November 15, the lesser of 20% of the taxes due or $50,000.
Page 4 of 4