Section 8-112 - Valuation of distilled spirits if counties impose a personal property tax. - Maryland Statutes

§ 8-112. Valuation of distilled spirits if counties impose a personal property tax.
 

(a)  Definitions.-  

(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. 

(b)  County imposition.- 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)  Market value.-  

(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)  Distiller pays.- The distiller shall pay the property tax on the distilled spirits held by the distiller. 
 

[An. Code 1957, art. 81, § 23; 1985, ch. 8, § 2; 1987, ch. 434, § 1.]