Form 103 Short PDF Details

Understanding the intricacies of business tangible personal property taxation can be daunting for many business owners. Among the essential tools for navigating this aspect of tax compliance in Indiana is the State Form 11274, widely known as the Form 103 Short. Designed by the Department of Local Government Finance, this form is a condensed channel for businesses to declare their tangible personal property for tax purposes. The stipulated deadline for submission is May 15, with potential for a thirty-day extension upon written request, provided it's accepted by the county assessor. It's important to note that businesses exceeding certain thresholds, including those with personal property assessments of $150,000 or more or those seeking specific exemptions or deductions, are required to use the longer version of this form. Another crucial aspect to remember is the confidentiality of the records, highlighted by the privacy notice at the beginning of the form. Accuracy in reporting, adherence to deadlines, and the requirement to file additional forms for different circumstances (such as for leased equipment or owned personal property across multiple locations) underscore the complexity of personal property tax compliance in Indiana. Through a careful examination of the Form 103 Short and its accompanying instructions, businesses can better navigate the requirements and potentially avoid the pitfalls of double assessments or penalties for non-compliance.

QuestionAnswer
Form NameForm 103 Short
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesForm103 Short indiana form 103 short 2011

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BUSINESS TANGIBLE

PERSONAL PROPERTY RETURN

State Form 11274 (R29 / 1-12)

PRESCRIBED BY THE DEPARTMENT OF LOCAL GOVERNMENT FINANCE

FORM

103 - SHORT

PRIVACY NOTICE: The records in this series are confidential according to I. C. 6-1.1-35-9.

MARCH 1, 2012

For Assessor's Use Only

INSTRUCTIONS: PLEASE TYPE or PRINT.

This form must be filed with the Assessor of the county in which the property is located not later than May 15 unless an extension of up to thirty (30) days is granted in writing.

A form 104 must be filed with this return.

NOTE: You must use Form 103-Long if:

a.You are a manufacturer or processor;

b.Your business personal property assessment is $150,000 or more;

c.You wish to claim any exemptions or deductions (other than the enterprise zone credit); or

d.You are claiming any special adjustments such as equipment not placed in service, special tooling, permanently retired equipment or abnormal obsolescence.

Name of taxpayer

 

 

 

 

 

 

 

 

 

Federal Identification number **

 

 

 

 

 

 

 

 

 

 

 

Name under which business is conducted

 

 

 

 

 

 

 

DLGF taxing district number

 

 

 

 

 

 

 

 

Address where property is located (number and street, city, state, and ZIP code)

 

 

DLGF taxing district name

 

 

 

 

 

 

 

 

 

 

 

 

Nature of business

 

 

 

 

 

 

 

 

 

Township

 

 

 

 

 

 

 

 

Name and address to which Assessment and Tax Notice is to be mailed (If different than above)

 

NAICS * Code Number

County

 

 

 

 

 

 

 

 

 

 

1.

Federal Income Tax Year ends

2. Location of accounting records

 

 

 

Retail merchants certificate number

 

 

 

 

 

 

 

 

 

 

 

 

 

3.

Form of business

 

 

 

 

 

 

 

 

 

 

 

 

Partnership or Joint Venture

Corporation

 

Other, (describe)

 

 

 

 

 

Sole Proprietorship

 

Estate or Trust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

Do you have other locations in Indiana?

5. Did you own, hold, possess or control any leased, rented or other depreciable personal property on March 1?

 

 

 

 

 

 

 

 

 

 

Yes

No

 

 

Yes

No

If yes, report it on Page 2 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

Total sales for this location during the prior fiscal or calendar year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUMMARY (Round all numbers to nearest ten dollars)

 

 

REPORTED BY TAXPAYER

 

CHANGE BY ASSESSOR

CHANGE BY COUNTY BOARD

Schedule A - Personal Property

 

+

 

$

 

 

 

$

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Final Assessed Value

 

 

=

 

$

 

 

 

$

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURE AND VERIFICATION

Under Penalties of Perjury, I hereby certify that this return (including accompanying schedules and statements), to the best of my knowledge and belief, is true, correct, and complete; 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 of this return, as required by law; and is prepared in accordance with I.C. 6-1.1 et seq., as amended, and regulations promulgated with respect thereto.

Signature of authorized person

 

Date (month, day, year)

 

 

 

Printed name of authorized person

Title

Telephone number

 

 

(

)

 

 

 

 

Signature of person preparing return, if different than authorized person

Contact e-mail address

 

 

Printed name and contact information of person preparing return

*NAICS - North American Industry Classification System - complete list of codes may be found at www.census.gov . NOTE: The NAICS Code Number appears on your federal income tax return.

** An individual using his Social Security number as the Federal Identification number is only required to provide the last four (4) digits of that number per IC 4-1-10-3.

Page 1 of 2

 

FORM 103- SHORT FORM

 

CONFIDENTIAL

 

 

SCHEDULE A

 

See 50 IAC 4.2-4

 

 

 

MARCH 1, 2012

 

 

 

 

 

 

 

 

 

 

COLUMN A

 

COLUMN B

LINE

YEAR OF ACQUISITION

DEPRECIABLE PERSONAL PROPERTY

 

 

 

 

 

 

TOTAL COST

T.T.V.%

TRUE TAX VALUE

 

 

 

 

 

 

 

 

 

 

 

 

 

1

From

To 3-1-12 *

 

 

 

40

$

2

 

3-2-11 To 3-1-12

 

 

 

40

 

3

 

3-2-10 To 3-1-11

 

 

 

60

 

4

 

3-2-09 To 3-1-10

 

 

 

55

 

5

 

3-2-08 To 3-1-09

 

 

 

45

 

6

 

3-2-07 To 3-1-08

 

 

 

37

 

7

 

3-2-06 To 3-1-07

 

 

 

30

 

8

 

3-2-05 To 3-1-06

 

 

 

25

 

9

 

3-2-04 To 3-1-05

 

 

 

20

 

10

 

3-2-03 To 3-1-04

 

 

 

16

 

11

 

3-2-02 To 3-1-03

 

 

 

12

 

12

 

Prior To 3-2-02

 

 

 

10

 

13

 

TOTALS

 

 

$

 

$

14

30% of line 13, Column A

 

$

 

 

 

 

Line 15 must be the greater of Line 13, Column B or Line 14 (See 50 IAC 4.2- 4-9)

 

 

15

Total True Tax Value of Depreciable Personal Property (To Summary on reverse side)

 

$

 

Fully depreciated assets must be included in the total cost to be reported in Schedule A above.

 

 

 

Election to report cost of Depreciable Assets by Federal tax year

Yes

No

Election available only when federal tax year ends December 31 or January 31. See 50 IAC 4.2-4-6 (c).

*If taxpayer elects to report cost above on federal tax year basis, assets acquired from the prior federal tax year end to March 1 are to be reported on the first line of the appropriate pool.

Filing Basics:

To locate contact information for the various county offices (Assessor, Auditor, & Treasurer), locate forms, and learn more about Indiana’s personal property tax system, go to www.in.gov/dlgf.

Every person owning, holding, possessing, or controlling personal property in Indiana on March 1st is required to file a form by May 15th.

Taxpayers may request up to a thirty (30) day extension of time to file their return. The written request should be sent to the assessor before the filing deadline of May 15th and should include a reason for the request. The assessor has the authority to approve, deny, or set a different deadline of less than thirty (30) days for each request received.

Personal property must be assessed in each taxing district where property has a tax situs.

Inventory located in the State of Indiana is exempt and is not required to be reported.

It is the responsibility of the taxpayer to obtain forms from the assessor and file a timely return.

The forms are also available on-line at the department’s website, www.in.gov/dlgf.

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 a Form 103-N, attaching it to the Form 103 Short, and filing it with the assessor. NOTE: Failure to properly disclose lease information may result in a double assessment.

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 to a thirty (30) day extension was granted) of their original return.

Information of Not-Owned Personal Property Which Is To Be Assessed To The Owner

NOTE: This form is for the reporting of two or less Operating Leases. For all other leases, the Form 103-N (for the lessee) and the Form 103-O (for the lessor) should be utilized. For more information on the reporting of leased equipment, refer to 50 IAC 4.2-8. Failure to properly disclose lease information may result in a double assessment.

Name and Address

of Owner

Location of

Property

Date of Lease

(month, day, year)

Model Number and Description

Quantity

Cost, If Known

Page 2 of 2

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Filling out segment 1 of Form 103 Short

2. Once the prior section is filled out, go to type in the applicable details in these - Under Penalties of Perjury I, Signature of authorized person, Printed name of authorized person, Title, Signature of person preparing, Contact email address, Printed name and contact, Date month day year, Telephone number, NAICS North American Industry, NOTE The NAICS Code Number appears, An individual using his Social, and Page of.

Guidelines on how to fill out Form 103 Short part 2

3. Completing DEPRECIABLE PERSONAL PROPERTY, TOTAL COST, TTV, TRUE TAX VALUE, From To, Prior To, TOTALS, of line Column A, Line must be the greater of Line, Total True Tax Value of, Fully depreciated assets must be, Election to report cost of, Yes No, Filing Basics, and To locate contact information for is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

The best ways to complete Form 103 Short step 3

4. This next section requires some additional information. Ensure you complete all the necessary fields - Name and Address, of Owner, Location of, Property, Date of Lease, month day year, Model Number and Description, Quantity, Cost If Known, and Page of - to proceed further in your process!

Filling in segment 4 in Form 103 Short

People often make some mistakes while filling in of Owner in this part. Be sure to reread what you type in right here.

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