§ 6-1-1-2-7

(a) As used in this section, 'nonbusiness personal property' means personal property that is not:(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

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.