§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.

2.__Just value of exemption.__In determining the just value of exempt business equipment, the assessor shall determine the just value of the property in the same manner as prescribed in section 701-A as if the property were subject to taxation.

3.__Effect on state valuation.__The percentage of just value of exempt business equipment to be included in the annual determination of state valuation under sections 208 and 305 is 75% for tax years 2007 and 2008 and 50% for tax year 2009 and subsequent tax years, except that 100% of the just value of BETR- expired property must be included in the annual determination of state valuation under sections 208 and 305.

4.__Property tax rate.__The value of exempt business equipment under this subchapter must be included in the total municipal valuation used to determine the municipal tax rate.__For purposes of computing the municipal tax rate, for the 2007 and 2008 tax years, 75% of the value of business equipment exempt under this subchapter must be included in the total municipal valuation; and for 2009 and subsequent tax years, 50% of the value of business equipment exempt under this subchapter must be included in the total taxable municipal valuation; except that 100% of the value of BETR-expired property must be included in the total municipal valuation used to determine the municipal tax rate.__The municipal tax rate as finally determined may be applied only to the taxable municipal valuation for that year.

§693.__Forms; reporting

1.__Reporting.__On or before May 1st of each year, a taxpayer claiming an exemption under this section shall file a report with the assessor of the taxing jurisdiction in which the property would otherwise be subject to taxation.__The report must identify the property for which exemption is claimed and must be made on a form prescribed by the State Tax Assessor or 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 the form must be made available to taxpayers prior to each April 1st. The assessor of the taxing jurisdiction may require the taxpayer to sign the form and make oath to its