Personal Property is business equipment that is "personal" to the business. Each year owners of personal property are requested to declare their lists of equipment to the Assessing Office. The taxable value of each item is its replacement cost less depreciation and is taxed using the same tax rate as applied to real estate.
Business Equipment Tax Rebate Information Program (BETR)
801 BETR Forms & Guidelines
The Business Equipment Tax Reimbursement (BETR) form is submitted by the Taxpayer to Maine Revenue Service for personal property tax reimbursement. The Taxpayer must submit the form to the Assessor for verification and signature after the personal property tax is paid. For more information visit the Maine Revenue Services website.
Business Equipment Tax Exemption Program (BETE)
BETE Application & Guidelines
As of April 1, 2008 the Business Equipment Tax Exemption Program (BETE) became law. BETE applies only to eligible businesses and equipment first subject to taxation as of April 1, 2008.
Should your business/equipment qualify for the BETE exemption, you must include items listed in previous years as well as new items. Items not on the BETE application will be taxed and will not be eligible for the Business Equipment Tax Exemption for that year. For more information visit the Maine Revenue Services website.