Exempt property

# (1)

held for sale in the ordinary course of a trade or business;

# (2)

held, used, or consumed in connection with the production of income; or

# (3)

held as an investment.

(b) The following property is not subject to assessment and taxation under this article:

(1) A commercial vessel that is subject to the net tonnage tax imposed under IC 6-6-6.

(2) A vehicle that is subject to the vehicle excise tax imposed under IC 6-6-5.

(3) A motorized boat or sailboat that is subject to the boat excise tax imposed under IC 6-6-11.

# (4)

Property used by a cemetery (as defined in IC 23-14-33-7) if the cemetery:

# (A)

does not have a board of directors, board of trustees, or other governing authority other than the state or a political subdivision; and

# (B)

has had no business transaction during the preceding calendar year.

# (5)

A commercial vehicle that is subject to the annual excise tax imposed under IC 6-6-5.5.

# (6)

Inventory.

# (7)

A recreational vehicle or truck camper that is subject to the annual excise tax imposed under IC 6-6-5.1.

# (8)

The following types of nonbusiness personal property:

# (A)

All-terrain vehicles.

# (B)

Snowmobiles.

# (C)

Rowboats, canoes, kayaks, and other human powered boats.

# (D)

Invalid chairs.

# (E)

Yard and garden tractors.

# (F)

Trailers that are not subject to an excise tax under:

(i) IC 6-6-5;

(ii) IC 6-6-5.1; or

(iii) IC 6-6-5.5.

# (9)

For an assessment date after December 31, 2018, heavy rental equipment (as defined in IC 6-6-15-2) that is rented or held for rental or sale, the rental of which is or would be subject to the heavy equipment rental excise tax provisions under IC 6-6-15;
provided, however, that a rentee that is exempt under IC 6-6-15-4(a)(3) from such excise tax shall be subject to the provisions of this article on such equipment.
As added by P.L.1-1990, SEC.66. Amended by P.L.52-1997, SEC.1; P.L.181-1999, SEC.1;
P.L.146-2008, SEC.50; P.L.131-2008, SEC.3; P.L.1-2009, SEC.27; P.L.256-2017, SEC.1;
P.L.188-2018, SEC.1; P.L.234-2019, SEC.1.