Md. Code Ann., Tax-Prop. § 8-112
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2020
As of January 1, 2019
(a) (1) In this section the following words have the meanings indicated.
(a) (1) In this section the following words have the meanings indicated.
(2) “Fair value” means the lesser of: (i) the cost, not reduced by any allowance for inflation; or (ii) market value, not reduced by any allowance for inflation. (3) “Distiller” includes: (i) the owner or proprietor of a bonded or other warehouse where distilled spirits are stored; or (ii) a person who has custody of distilled spirits.
(2) “Distiller” includes: (i) the owner or proprietor of a bonded or other warehouse where distilled spirits are stored; or (ii) a person who has custody of distilled spirits. (3) “Fair value” means the lesser of: (i) the cost, not reduced by any allowance for inflation; or (ii) market value, not reduced by any allowance for inflation.
(b) If a county subjects distilled spirits to the personal property tax, on or before March 15 of each year, a distiller shall submit to the Department a report of the fair value of distilled spirits held by the distiller in the county.
(b) If a county subjects distilled spirits to the personal property tax, on or before March 15 of each year, a distiller shall submit to the Department a report of the fair value of distilled spirits held by the distiller in the county.
(c) (1) Distilled spirits shall be valued at the fair value of the spirits on January 1 of the year in which the report is made.
(c) (1) Distilled spirits shall be valued at the fair value of the spirits on January 1 of the year in which the report is made.
(2) The value of the same distilled spirits may not be reported more than 1 time in any period of 12 months.
(2) The value of the same distilled spirits may not be reported more than 1 time in any period of 12 months.
(d) The distiller shall pay the property tax on the distilled spirits held by the distiller.
(d) The distiller shall pay the property tax on the distilled spirits held by the distiller.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.