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Maryland Code, Tax-Property § 8-112

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(a)(1) In this section the following words have the meanings indicated.

(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.

(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.

(d) The distiller shall pay the property tax on the distilled spirits held by the distiller.

Cite this article: - Maryland Code, Tax-Property § 8-112 - last updated December 31, 2021 |

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