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: FindLaw.com - Maryland Code, Tax-Property § 8-112 - last updated December 31, 2021 | https://codes.findlaw.com/md/tax-property/md-code-tax-property-sect-8-112/
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