Personal Property Taxes are levied against furniture, fixtures, machinery and equipment of business property owners. The tax rate is the same rate as applied to taxable real estate. A Business Equipment Tax Reimbursement Program (BETR), administered by the state, is available to any business taxpayer placing eligible personal property into service after April 1, 1995. Qualified property is eligible for reimbursement for up to 12 years. The reimbursement is scaled back for the remainder of the time the property remains taxable.
Additionally, the legislature has created Business Equipment Tax Exemption Program (BETE) for qualifying equipment that is placed in service on of after April 1, 2008. Check the tax relief page for additional information.