2024 Business Personal Property Declaration

Maine law provides that the personal property associated with a business is subject to taxation. The tax is assessed annually in accordance with the requirements set forth in Title 36 of the Maine Revised Statutes § 601 & 706-A. Pursuant to MRS 36 § 706-A this letter is notice that you are required to provide a “true and perfect” list of your business personal property that is not exempt from taxation that you possessed on the first day of April. 

Under State statute, if you are in business on April 1, you are responsible for the entire year’s personal property tax bill. If this declaration form is not completed and returned, an estimated assessment (growth factor) will be rendered. If you have never filed, we will render an assessment based on a comparable business. Under Maine Law, taxpayers who fail to respond or do not comply with this request forfeit the right to appeal their assessment. It is very important that you notify us in writing if your business has closed or relocated to avoid an assessment. 

The Business Equipment Tax Exemption Program, aka “BETE” or “Betty” is an available property tax relief program. This is a 100% exemption program for qualifying assets. You must file a 706-A declaration and apply to receive the exemption. Assets listed on the BETE application must not be reported on the 706-A declaration. The BETE application, eligibility requirements and instructions are available at the Maine Revenue Services website or our website: https://www.maine.gov/revenue/taxes/tax-relief-credits-programs/propert…;

Filing your asset list is the best way to assure an accurate assessment. While it can be confusing to understand how to comply and file, we are here to help. If you have any questions, please don’t hesitate to contact us; we encourage you to stop by, call (666-5531) or email (assessing@bowdoinham.com) us with questions.