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personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Maine, personal property tax is assessed on items such as motor vehicles, boats, and aircraft. This tax is based on the value of the property, hence the term 'ad valorem' taxes, which means 'according to value.' For motor vehicles, Maine imposes an excise tax that is paid annually when the vehicle is registered. The tax rate is determined by the age and value of the vehicle. Boats and aircraft are also subject to personal property tax, which is administered at the local (municipal) level. Business personal property, which includes tangible items used in a business to generate income, is also subject to taxation. Business owners must declare their business personal property to the local assessor by filing a declaration form. Tax rates and exemptions can vary by locality, and there are provisions for certain types of property to be exempt or eligible for tax relief. It is important for individuals and businesses to be aware of the filing deadlines and requirements in their specific municipality to ensure compliance with Maine's personal property tax regulations.

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Taxes

personal property tax

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Maine State Code

Maine State Code

Taxes

personal property tax

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