§ 8-112
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/md/tax-property/8-112A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§8–112.
(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.
(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.