Recent legislative changes to personal property filing limits

Submitted

The Hamilton County Assessor’s Office is aware of recently proposed and approved legislative changes for business personal property associated with Senate Bill 1.

One significant change increases the threshold for exemption from personal property tax. The previous threshold for exemption from filing was for businesses with acquisition costs under $80,000. The threshold is being changed to under $1,000,000 in acquisition costs. This change is supposed to be made retroactive to the Jan. 1, 2025, assessment date despite the fact that this change comes in the middle of the filing season.

Counties are currently waiting for guidance from the Indiana Department of Local Government Finance on how to proceed.

While the Assessor’s Office works out the details of SB1, they ask and encourage personal property tax filers to still file personal property tax returns for this year, even if you believe you are exempt under the new legislation, as some of the same rules are expected to apply as when the $80,000 limit went into effect.

If you have questions, call the Assessor’s Office at (317) 776-9617.