Increasing assessment; limitation; failure to file or fraudulent
filing
Sec. 3. (a) If a taxpayer files a personal property return for a
particular year, personal property which is omitted from or
undervalued on the return may be assessed, or its assessed value may
be increased, only if the notice required under section 1 of this
chapter is given within three (3) years after the date the return is
filed. However, if the taxpayer's personal property return for a
particular year substantially complies with the provisions of this
article and the regulations of the department of local government
finance, an assessing official or a county property tax assessment
board of appeals may change the assessed value claimed by the
taxpayer on the return only within the time period prescribed in
IC 6-1.1-16-1.
(b) If a taxpayer fails to file a personal property return for a
particular year, the taxpayer's personal property may be assessed for
that year only if the notice required by section 1 of this chapter is
given within ten (10) years after the date on which the return for that
year should have been filed.
(c) If a taxpayer files a fraudulent personal property return, or
fails to file a return with the intent to evade the payment of property
taxes, the assessment limitations prescribed in subsections (a) and (b)
do not apply.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.6-1997,
SEC.34; P.L.90-2002, SEC.97.
Last modified: May 28, 2006