Business Personal Property

About Business Personal Property

Maine law specifies that all personal property associated with a business is subject to property taxation. Personal Property is defined as tangible property including, but not limited to, furniture and fixtures, machinery and equipment, and computer equipment. A complete inventory of your taxable business property is required each year. Failure to respond or report according to a personal property declaration request will result in an assessor determination of value of the business personal property and may bar a taxpayer’s right to an appeal, according to M.R.S.A Title 36 Section 706A.

Property Tax Relief

The State of Maine offers two programs.

BETE (Business Equipment Tax Exemption) - This program requires an annual application to be filed with the Assessor no later than May 1st. Only certain types of businesses may apply, and only equipment first subject to tax in Maine after April 1, 2007 may qualify. 

BETR (Business Equipment Tax Reimbursement) - Each year the taxpayer may apply directly to the State for reimbursement on personal property tax paid during the previous calendar year but is limited to only equipment purchases after April 1, 1995. 

Please visit the State Business Equipment Tax Programs site for applications and more information.

Personal Property Declaration

The next business personal property filing will be due May 1, 2024.

For a blank copy of the business personal property template, click here.