Clay County residents will have a little less paperwork to fill out for their property taxes this year.
The Indiana Department of Local Government Finance (DLGF) recently informed county assessors and auditors around the state that inventory is no longer being assessed and taxed.
"This is another measure which could reduce property taxes even further," Clay County Assessor Mark Barnhart said. "Because of this, residents and business owners won't have to fill out Form 102 or 103, which are the returns for tangible personal property assessment."
The change, which is part of House Enrollment Act (HEA) 1001, was signed into law by Governor Mitch Daniels March 19 and is retroactive back to Jan. 1 of this year.
Inventory is no longer included as a part of personal property, which still needs to be recorded for the assessment process.
Farmers and business owners are the main groups who have had to report their inventory figures, which have not been taxed the past couple of years.
"It used to be a gripe for those who had to fill it out because they didn't like to divulge their information," Barnhart said. "Inventory was labeled tax exempt the past couple years, but they still had to report it, and now they no longer have to do that."
Barnhart also said items like farm equipment are still classified as personal property and still have to be reported to be assessed and taxed.
"We will not enter the inventory figures on the pertinent forms already filed by residents, Barnhart said. "However, taxpayers still need to file their personal property information by the state-set deadline on May 15."
For questions, call the Clay County Assessor's Office at 448-9013.