§691. Definitions; exemption limitations 1. Definitions. As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. A. “Eligible business equipment” means qualified property that, in the absence of this subchapter, would first be subject to assessment under this Part on or after April 1, 2008. “Eligible business […]
§692. Exemption of business equipment 1. Eligible business equipment exempt. Eligible business equipment is exempt from all taxation under this Part, except chapters 111 and 112. [PL 2005, c. 623, §1 (NEW).] 2. Just value of exemption. In determining the just value of exempt business equipment, the assessor shall determine the just value of […]
§693. Forms; reporting 1. Reporting. On or before April 1st of each year, a taxpayer claiming an exemption under this subchapter shall file a report with the assessor of the taxing jurisdiction in which the property would otherwise be subject to taxation on April 1st of that year. The report must identify the property for […]
§694. Duty of assessor; reimbursement by State 1. Examination and identification. The assessor shall examine each report pursuant to section 693 that is timely filed, determine whether the property identified in the report is entitled to an exemption under this subchapter and determine the just value of the property. [PL 2013, c. 544, §3 […]
§695. Denial of exemption; appeals If the assessor determines that a property is not entitled to an exemption under this subchapter, the assessor shall provide a written notice of denial prior to the tax commitment date in that municipality, including the reasons for the denial, to the applicant by either personal delivery or certified mail. […]
§696. Supplemental assessment If the assessor makes a determination under section 695 or the bureau makes a determination pursuant to section 697 that property receiving an exemption under this subchapter was not entitled to an exemption under this subchapter, the assessor shall by means of a supplemental assessment assess the property for which the exemption […]
§697. Audits; determination of bureau The bureau may audit the records of a municipality to ensure compliance with this subchapter. The bureau may independently review the records of a municipality to determine if exemptions have been properly approved. If the bureau determines that an exemption was improperly approved, the bureau shall ensure, by setoff against […]
§698. Appeals (REPEALED) SECTION HISTORY PL 2005, c. 623, §1 (NEW). PL 2017, c. 211, Pt. A, §12 (RP).
§699. Legislative findings; intent 1. Findings. The Legislature finds that encouragement of the growth of capital investment in this State is in the public interest and promotes the general welfare of the people of the State. The Legislature further finds that the high cost of owning qualified business property in this State is a disincentive […]
§700-A. Additional municipal compensation 1. Transfers to Disproportionate Tax Burden Fund. Pursuant to section 699, subsection 2 and in order to provide additional compensation to municipalities affected by property tax exemptions provided under this subchapter, the Treasurer of State shall make the following transfers as provided in section 700‑B to the Disproportionate Tax Burden Fund […]
§700-B. Adjustments to revenue 1. Certification. By June 30, 2009 and each subsequent year, the State Tax Assessor shall certify to the State Controller amounts certified to the Treasurer of State as reimbursements to be paid to municipalities during the fiscal year under section 694, subsection 5. The Treasurer of State shall certify to the […]
§700. Reimbursement for state-mandated costs The bureau shall reimburse municipalities and the Unorganized Territory Education and Services Fund for state-mandated costs in the manner provided in Title 30-A, section 5685. [PL 2005, c. 623, §1 (NEW).] SECTION HISTORY PL 2005, c. 623, §1 (NEW).
