Business Personal Property - Frequently Asked Questions
What is personal property?
Business personal property includes, but is not limited to, the following:
- Machinery and Equipment: presses, tools, machining equipment, garage equipment, heavy-duty shelving, telephone equipment, vending machines, televisions, amusement devices, copiers, fax machines, office equipment, cargo trailers, and self-propelled machinery not subject to excise tax
- Computer Equipment: CPUs, monitors, servers, printers, network wiring, and related equipment
- Furniture and Fixtures: desks, chairs, tables, file cabinets, bookcases, sofas, and similar business furnishings
- Business Fixtures: items specific to a business that may be attached to real estate but are generally removed when the business relocates
- Signs: business advertising signs
What programs are available for business personal property?
The State of Maine offers two programs related to business personal property taxation:
- Business Equipment Tax Exemption (BETE) Program
- Business Equipment Tax Reimbursement (BETR) Program
Additional information and application materials for these programs are available through the State of Maine and Maine Revenue Services or the links on our website under the Business Personal Property Tax section.
I sold my business or closed after April 1 — do I still have to pay personal property taxes?
Under Maine law, personal property taxes are assessed to the owner of record as of April 1 each year. If your business owned taxable personal property located in Old Town on April 1, you are legally responsible for the personal property tax for that tax year — even if the business was sold, relocated, or closed later in the year.
If a business is sold after April 1, responsibility for personal property taxes is often addressed between the buyer and seller as part of the sale or closing agreement.
If your business has closed or moved out of Old Town, please notify the Assessing Office so records can be updated and future assessments are not issued in error.