Business Personal Property
Businesses are required to itemize and report all taxable personal property assets used in the operation of their business every year on the 706 Business Asset Form. Eligible tax exempt assets are reported separately on the BETE Exemption Form. Taxable item's are reported separately from the exempt items. Each year a business must reapply for the BETE exemption on all eligible items. The asset filings must be submitted to the Assessing Office no later than April 15th each year in order to avoid any penalties. Businesses may submit the annual filings electronically at firstname.lastname@example.org.
Exemption or Reimbursement?
- EXEMPTION (BETE): Applies only to certain qualifying items assessed and taxed for the first time in 2008 (i.e. items acquired after April 1, 2007).
- REIMBURSEMENT (BETR): Applies to certain items currently assessed that were placed in service after April 1, 1995, and that are not eligible for BETE. Reimbursement (BETR) Application
For further explanation and applicable forms please contact our office: 207.333.6601 ext. 1118