Maine Leased Personal Property Workform
Description
How to fill out Leased Personal Property Workform?
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FAQ
Maine laws dictate that residential property be assessed at 70% of its market value. If, for instance, your property has a market value of $100,000, the assessed value would add up to (0.7 x $100,000) $70,000. Maine property tax rates are applied to that amount to calculate your annual tax bill.
In Maine, certain items may be exempt from the sales tax to all consumers, not just tax-exempt purchasers. Several examples of exemptions to the sales tax are most grocery products, certain types of prescription medication, some medical equipment, and certain items which are associated with commerce.
What is a personal property tax? Any assets owned and located in Maine for use in business are eligible for taxation, either by excise tax or property tax.
Types of Personal Property Personal property is divided into "tangible" and "intangible" forms.
Personal property refers to any assets other than land or buildings. Personal property is movable, and so can include such assets as equipment, furniture, home appliances, and vehicles. It does not include real estate.
Personal (Business) Property is subject to taxation in Maine; the full requirements of the law can be found in 36 MRSA Sec. 601-612 and Sec. 706-A. To assist businesses with this requirement, the Assessor's Office mails a declaration form every early March to all business taxpayers.
No sales tax is charged to the lessee, and the lease payments are not subject to sales or use tax. If the property is returned to the lessor and leased to another Maine customer, no additional use tax is due.
What is a personal property tax? Any assets owned and located in Maine for use in business are eligible for taxation, either by excise tax or property tax.
Tangible Personal Property - includes motor vehicles, livestock, furniture, jewelry, machinery and grain. Some tangible property is taxable, some may be exempt from taxation statutorily.
