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New BETE Program Business Equipment Tax Exemption. This new act exempts from taxation qualified types of personal property. It applies ONLY to certain non-retail business types and for only qualified equipment that is first placed in service after April 1, 2007, and would therefore become subject to taxation on April 1, 2008. In order for any personal property to be exempted from taxation under this legislation, the owner of the property will have to file a complete listing of that property with the municipal assessor no later than May 1. The forms for this filing must be either prescribed by, or approved by the State Tax Assessor. It is on the basis of these filings, that the exempt property is identified and the value of that property is determined. If for any reason the owner fails to file for the exemption in a timely manner, or fails to follow the statutory procedure for responding to inquiries from the municipal assessor, the property in question is not exempt from taxation for that year. Please contact the State of Maine, Maine Revenue Services
at 207-626-8475 for an application booklet for either BETR or BETE. Links for additional information: ¨ State of Maine Exempt Application ¨ BETE/BETR Question & Answers - Insert Letter |
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