Frequently Asked Questions

Personal property is tangible items located at a business. Personal property is taxable just as real estate is. Items include but are not limited to:

• Machinery & Equipment (presses, tools, vending machines, televisions, heavy duty shelving, garage equipment, etc.)
• Computer Equipment (CPUs, monitors, servers, printers, iPads, network wiring, etc.)
• Furniture & Fixtures (desks, chairs, bookcases, filing cabinets, tables, sofas, etc.)
• Signs (any business advertisement sign, etc.)

• Not filing. This is the biggest error a business can make. If you do not file, we have no way of knowing what your assets are. We may assume that your assets are comparable to a similar business and we will estimate your total assets. 
• Illegible returns. If we cannot read your return, we could be left to interpret what the items are. We will try to reach you for clarification when possible.
• Incorrect or no age of asset reported. In order to depreciate your assets, we must know the age of each item. For tangible items of property that were gifted, you may estimate the age if unknown. Note the dates the items were put in service.
• Omitting signs. Business signs are deemed to be personal property and must be included in the filing. These fall under the category of furniture and fixtures. When known to exist, the assessing office will add signs to the asset list if not reported. If your signs belong to another party, please let us know.
• BETE assets are listed on the 706-A personal property form. If your assets are BETE eligible, these items should not be reported on the 706-A form. Use the BETE application to report your BETE eligible assets. If we deemed your assets not eligible, we will add them to your 706-A asset filing.
• Only provide a list of additions or deletions. If you would like to submit a disposal or addition list, please do. However, these may not be submitted in-lieu of a full asset list; a complete asset list is always required. Please do not comingle disposed items with the full asset list.
• Reporting negative assets. If an asset has been disposed of, its value is $0. Some filers mistakenly report disposed items as negative assets (e.g. report a disposed chair as -$50.) First, disposed assets do not need to be reported with the complete asset list. Second, negative assets misrepresent the total value and should not be used.
•  Report depreciated costs. Our office will depreciate the items on your asset list when we process the return. Please do not submit a list with depreciated cost/value. Always report the original cost of the asset.
• Assuming that the 706-A form or BETE application only has to be submitted once. We’ve noted that some filers believe that they are only required to file the form one time and expect to be compliant or receive the BETE exemption forever thereafter. A completed and signed 706-A form and BETE application (if eligible) is required every year.

• Keep a copy of your return. Many businesses find that their asset lists change very little each year. Having the previous asset list is often helpful to filers. Please note, pursuant to State Law, we do require an updated list each year.  This should be a “true and perfect list” of your assets. True and perfect simply means a complete and accurate list of all your business assets. Do not return a form that states, "no changes from last year". A complete list is always required.
• Save your form on a spreadsheet, such as excel. You can use our form or a reasonable substitute.
• File electronically. We prefer electronic submissions; particularly on an excel form. You can also expect a confirmation response from our office so you will know your filing was received. Please email to assessor@waterville-me.gov.
• Update your mailing address and business status. If you have moved or closed, we may assume that you are non-compliant. Keep us up to date with changes to ensure timely correspondence and filings. If you have closed, please notify us in writing. New businesses should contact our office for filing instructions.
• Keep it simple. We are only asking for basic asset details. Asset type, description (e.g. name, model), age of asset (year), and the original cost. We see many elaborate returns that tend to confuse more than help.

The State of Maine provides two separate programs for business taxpayers’ reference to personal property. Those programs are:

• The Business Equipment Tax Exemption Program, aka “BETE” or “Betty”. This is a 100% exemption program for eligible assets. Note: Due to recently enacted legislation, businesses engaged in the sale of retail services will now generally be eligible to participate in the BETE program for qualifying property placed in service after April 1, 2007 and will be ineligible for the BETR program. BETE Applies only to certain qualifying items assessed and taxed for the first time in 2008 (i.e. items acquired after April 1, 2007).
• The Business Equipment Tax Reimbursement Program, aka “BETR” or “Better”. BETR is a tax refund program for qualifying businesses/assets. BETR Applies to assets that were placed in service after April 1, 1995, and that are not eligible for BETE.

Yes. Please notify us if your business has moved within the City, moved out of the City, or simply closed its doors. Please fill out this form.