Personal Property Taxes are levied against all furniture, fixtures, computers, software, machinery and equipment of business assets. The tax rate is the same rate as applied to taxable real estate. Assets located in Portland on April 1 are taxed in Portland and are required to be reported to Portland. The Assessor's Office mails a request for a true and perfect list of all business assets in February and the deadline for filing is April 2.
Note: Failure to file a true and perfect list of assets bars a taxpayer's right to appeal his or her valuation for that year, per 36 M.R.S.§ 706. If a business does not exist as of April 1, the taxpayer's failure to notify the Assessor's Office by April 15th will result in issuance of a tax bill.
A Business Equipment Tax Reimbursement Program (BETR), administered by the state, is available to any business taxpayer placing eligible personal property into service after April 1, 1995. Qualified property is eligible for reimbursement for up to 12 years. The reimbursement is scaled back for the remainder of the time the property remains taxable.
Additionally, the legislature has created the Business Equipment Tax Exemption Program (BETE) for qualifying equipment that is placed in service on of after April 2, 2007. Certain assets (excluding furniture and fixtures) located in a non-retail business may be eligible for exemption from taxation. Check the tax relief page for additional information.