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If the business does not file a return with the State Department of Assessments and Taxation, the department will then estimate an assessment based on the type of business and the previous assessments. In some cases, the estimated assessment is double the previous year assessment.
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Yes. It is the business’s responsibility to notify the State Department of Assessments and Taxation of the fact that they are no longer in business. The State Department of Assessments and Taxation will continue to assess the business with estimated assessments until they are made aware of the business closing in writing (they need the date of finality of when the business closed). It is the responsibility of the county to collect the taxes based on the assessment. Therefore, it is in the business’s best interest to contact the State Department of Assessments and Taxation and let them know of the closure of the business. If they have estimated assessments, they should attempt to get them abated by the State Department of Assessments and Taxation.
In Maryland, there is a tax on business owned personal property that is imposed and collected by the local governments. To foster the uniform and consistent administration of this tax, responsibility for the assessment of all personal property throughout Maryland rests with a single state agency, the Department of Assessments and Taxation. Personal property generally includes furniture, fixtures, office and industrial equipment, machinery, tools, supplies, inventory, and any other property not classified as real property.