Personal Property Information

Personal Property is taxable in the State of Maine:

Taxes are levied against all furniture, fixtures, computers, machinery and equipment. Including assets which are fully depreciated for income tax purposes located in the business. Assets located in Lewiston on April 1, are taxed in Lewiston and are required to be reported to Lewiston.

The department mails a request for a true and perfect list of all business assets in February and the deadline for filing is May 1.

Note: Failure to file bars a taxpayer’s right to appeal his or her valuation. If a business does not exist as of April 1, the taxpayer's failure to notify the Assessing Department by May 15, failure to report will result in the issuance of a tax bill.

Business Equipment Tax Exemption (BETE) Program

The legislature has created the Business Equipment Tax Exemption Program (BETE) for qualifying equipment that is placed in service on or after April 1, 2008. Certain assets (excluding furniture and fixture) located in a non-retail business may be eligible for exemption from taxation.

Business Equipment Tax Reimbursement (BETR) Program

The Business Equipment Tax Reimbursement (BETR) Program, administered by the state of Maine, is available for any business taxpayer placing eligible personal property in service after April 1, 1996. Certain assets located in the business may be eligible for reimbursement of taxes paid.