Personal property

The following personal property is exempt from taxation:
1.
Personal property.
A.
Industrial inventories including raw materials, goods in process and finished work on hand;
B.
Stock-in-trade, including inventory held for resale by a distributor, wholesaler, retail merchant or service establishment. "Stock-in-trade" also includes unoccupied manufactured housing, as defined in Title 10, section 9002, subsection 7, paragraph A or C , that was not previously occupied at its present location, that is not connected to water or sewer and that is owned and offered for sale by a person licensed for the retail sale of manufactured housing pursuant to Title 10, chapter 951, subchapter 2 ;
C.
Agricultural produce and forest products, including logs, pulpwood, woodchips and lumber;
D.
Livestock, including farm animals, neat cattle and fowl;
E.
The household furniture, including television sets and musical instruments of each person in any one household; and each person's wearing apparel, farming utensils and mechanical tools necessary for that person's business;
F.
All radium used in the practice of medicine;
G.
Property in the possession of a common carrier while in interstate transportation or held en route awaiting further transportation to the destination named in a through bill of lading;
H.
Vessels built, in the process of construction, or undergoing repairs, which are within the State on the first day of each April and are owned by persons residing out of the State. "Vessels" as used in this paragraph shall not be construed to include pleasure vessels and boats;
I.
Pleasure vessels and boats in the State on the first day of each April whose owners reside out of the State, and which are left in this State by the owners for the purpose of repair or storage, except those regularly kept in the State during the preceding year;
J.
Personal property in another state or country and legally taxed there;
K.
Vehicles exempt from excise tax in accordance with section 1483 ;
L.
Registered snowmobiles as defined in Title 12, section 13001, subsection 25 ;
M.
All farm machinery used exclusively in production of hay and field crops to the aggregate actual market value not exceeding $10,000, excluding motor vehicles. Motor vehicle shall mean any self-propelled vehicle;
N.
Water pollution control facilities and air pollution control facilities as defined in section 656, subsection 1, paragraph E ;
O.
All beehives;
P.
All items of individually owned personal property with a just value of less than $1,000, except:

# (1)

Items used for industrial or commercial purposes; and

# (2)

Vehicles as defined in section 1481 that are not subject to an excise tax;
Q.
R.
S.
S-1.
Unextracted minerals. For purposes of this paragraph, "minerals" has the same meaning as in section 2855, subsection 9 ;
T.
Trail-grooming equipment registered under Title 12, section 13113 ;
U.
Solar and wind energy equipment that generates heat or electricity if all of the energy is:

(1)
Used on the site where the property is located; or

(2)
Transmitted through the facilities of a transmission and distribution utility and a utility customer or customers receive a utility bill credit for the energy generated by the equipment pursuant to Title 35‑A .
On or before April 1st of the first property tax year for which a taxpayer claims an exemption under this paragraph, the taxpayer claiming the exemption shall file a report with the assessor. The report must identify the property for which the exemption is claimed and must be made on a form prescribed by the State Tax Assessor or a substitute form approved by the State Tax Assessor. The State Tax Assessor shall furnish copies of the form to each municipality in the State and make the forms available to taxpayers.
This paragraph applies to solar energy equipment for property tax years beginning before April 1, 2025; and V.
For property tax years beginning on or after April 1, 2025, solar energy equipment that generates heat or electricity if:

(1)
All of the energy is used on the site where the property is located;

(2)
The equipment is collocated with a net energy billing customer that is or net energy billing customers that are subscribed to at least 50% of the facility's output; or

# (3)

All of the energy is transmitted through the facilities of a transmission and distribution utility and a utility customer or customers receive a utility bill credit for the energy generated by the equipment pursuant to Title 35‑A, section 3209‑A or 3209‑B and the generator of electricity entered into a fully executed interconnection agreement with a transmission and distribution utility prior to June 1, 2024.
On or before April 1st of the first property tax year for which a taxpayer claims an exemption under this paragraph, the taxpayer claiming the exemption shall file a report with the assessor. The report must identify the property for which the exemption is claimed and must be made on a form prescribed by the State Tax Assessor or a substitute form approved by the State Tax Assessor. The State Tax Assessor shall furnish copies of the form to each municipality in the State and make the forms available to taxpayers.

Last amended: PL 1965, c. 139 (AMD). PL 1965, c. 331 (AMD). PL 1969, c. 96 (AMD). PL 1969, c. 117 (AMD). PL 1969, c. 414, §5 (AMD). PL 1969, c. 562 (AMD). PL 1971, c. 524, §1 (AMD). PL 1973, c. 230 (AMD). PL 1973, c. 589 (AMD). PL 1973, c. 592, §13 (AMD). PL 1973, c. 613, §21 (AMD). PL 1973, c. 788, §§180,182 (AMD). PL 1977, c. 263 (AMD). PL 1977, c. 456 (AMD). PL 1983, c. 92, §§A1,B7,B8 (AMD). PL 1983, c. 555, §1 (AMD). PL 1983, c. 632, §§A4,A5,B5 (AMD). PL 1983, c. 777, §3 (AMD). PL 1991, c. 546, §9 (AMD).

Source: view the official text

In this chapter (40 sections)

Full table of contents →