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personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Maryland, personal property tax is levied on the assessed value of tangible personal property owned by businesses. This includes furniture, fixtures, tools, machinery, equipment, and inventory. The tax is administered by local governments, and the rate varies by county and municipality. Businesses must file a personal property return annually with the Maryland State Department of Assessments and Taxation (SDAT). The state assesses the value of the personal property based on the information provided in the return, and the local jurisdiction applies its tax rate to determine the amount of tax due. It's important to note that Maryland does not impose a state-level personal property tax on individual's personal property such as motor vehicles, boats, or aircraft; these items are subject to other forms of taxation, such as excise taxes or registration fees.

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Taxes

personal property tax

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Maryland State Code

Maryland State Code

Taxes

personal property tax

Articles