Personal property return; various violations and penalties
Sec. 7. (a) If a person fails to file a required personal property
return on or before the due date, the county auditor shall add a
penalty of twenty-five dollars ($25) to the person's next property tax
installment. The county auditor shall also add an additional penalty
to the taxes payable by the person if he fails to file the personal
property return within thirty (30) days after the due date. The amount
of the additional penalty is twenty percent (20%) of the taxes finally
determined to be due with respect to the personal property which
should have been reported on the return.
(b) For purposes of this section, a personal property return is not
due until the expiration of any extension period granted by the
township assessor under IC 6-1.1-3-7(b).
(c) The penalties prescribed under this section do not apply to an
individual or his dependents if he:
(1) is in the military or naval forces of the United States on the
assessment date; and
(2) is covered by the federal Soldiers' and Sailors' Civil Relief
Act.
(d) If a person subject to IC 6-1.1-3-7(d) fails to include on a
personal property return the information, if any, that the department
of local government finance requires under IC 6-1.1-3-9 or
IC 6-1.1-5-13, the county auditor shall add a penalty to the property
tax installment next due for the return. The amount of the penalty is
twenty-five dollars ($25).
(e) If the total assessed value that a person reports on a personal
property return is less than the total assessed value that the person is
required by law to report and if the amount of the undervaluation
exceeds five percent (5%) of the value that should have been
reported on the return, then the county auditor shall add a penalty of
twenty percent (20%) of the additional taxes finally determined to be
due as a result of the undervaluation. The penalty shall be added to
the property tax installment next due for the return on which the
property was undervalued. If a person has complied with all of the
requirements for claiming a deduction, an exemption, or an
adjustment for abnormal obsolescence, then the increase in assessed
value that results from a denial of the deduction, exemption, or
adjustment for abnormal obsolescence is not considered to result
from an undervaluation for purposes of this subsection.
(f) A penalty is due with an installment under subsection (a), (d),
or (e) whether or not an appeal is filed under IC 6-1.1-15-5 with
respect to the tax due on that installment.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.69-1983,
SEC.10; P.L.71-1985, SEC.1; P.L.2-1998, SEC.22; P.L.90-2002,
SEC.261.
Last modified: May 28, 2006