(a) Except as provided in section 2 of this chapter, an assessing official or county property tax assessment board of appeals may not change the assessed value claimed by a taxpayer on a personal property return unless the assessing official or county property tax assessment board of appeals takes the action and gives the notice required by IC 6-1.1-3-20 within the following periods:

1. (1) A township assessor (if any) must make a change in the assessed value and give the notice of the change on or before the later of:

   1. (A) September 15 of the year for which the assessment is made; or
   2. (B) four (4) months from the date the personal property return is filed if the return is filed after the filing date for the personal property tax return.

2. (2) A county assessor must make a change in the assessed value and give the notice of the change on or before the later of:

   1. (A) October 30 of the year for which the assessment is made; or
   2. (B) five (5) months from the date the personal property return is filed if the return is filed after the filing date for the personal property tax return.

3. (3) A county property tax assessment board of appeals must make a change in the assessed value and give notice of the change on or before the later of:

   1. (A) October 30 of the year for which the assessment is made; or

   2. (B) five (5) months from the date the personal property return is filed if the return is filed after the filing date for the personal property tax return.

      This subdivision does not apply to a determination by a county property tax assessment board of appeals acting upon a petition for review filed under subsection (e)(1).

4. (4) The department of local government finance must make a preliminary change in the assessed value and give the notice of the change on or before the later of:

   1. (A) October 1 of the year immediately following the year for which the assessment is made; or
   2. (B) sixteen (16) months from the date the personal property return is filed if the return is filed after the filing date for the personal property tax return.

(d) This section does not apply if the taxpayer:

1. (1) fails to file a personal property return which substantially complies with this article and the regulations of the department of local government finance; or
2. (2) files a fraudulent personal property return with the intent to evade the payment of property taxes.

(e) A taxpayer may appeal a change in the assessed value under this section as follows:

1. (1) A taxpayer may appeal a change in the assessed value under subsection (a)(1) or (a)(2) by filing a written notice of review with the county property tax assessment board of appeals under IC 6-1.1-15-1.1 .
2. (2) A taxpayer may appeal a change in the assessed value under subsection (a)(3) by filing a written notice of review with the Indiana board under IC 6-1.1-15-3 .

3. (3) A taxpayer may appeal a preliminary determination of the department of local government finance under subsection (a)(4) to the Indiana board. An appeal under this subdivision shall be conducted in the same manner as an appeal under IC 6-1.1-15-4 through IC 6-1.1-15-8 . A preliminary determination that is not appealed under this subsection is a final unappealable order of the department of local government finance.

   [Pre-1975 Property Tax Recodification Citations: 6-1-31-10; 6-1-31-13.]

   Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.69-1983, SEC.4; P.L.6-1997, SEC.78; P.L.90-2002, SEC.144; P.L.146-2008, SEC.144; P.L.111-2014, SEC.25; P.L.232-2017, SEC.24; P.L.159-2020, SEC.19.