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In contrast to real property, which is valued once every three years, personal property is valued every year for tax purposes. At the beginning of each calendar year, the Maryland Department of Assessments and Taxation mails a personal property return to all businesses on record.
Even if the business does not receive this return, it is still responsible for obtaining and filing one on time. All corporations, limited liability companies (LLCs), limited liability partnerships (LLPs), and limited partnerships must file personal property returns with the Department of Assessments and Taxation.
Sole proprietorships and general partnerships must file. Not filing a return results in an estimated assessment and a possible delay in the issuance of a business license. If you are unsure whether you are required to file, please call the appropriate number listed below:
Corporations: 410-767-1170 LLCs and LLPs: 410-767-1170 Limited Partnerships: 410-767-1170 Sole proprietors, general partnerships: SDAT.firstname.lastname@example.org
You can request an abatement three years from the time the assessment was certified by the State Department of Assessments and Taxation. The county collects the taxes based on the assessment provided by them. Any adjustments or abatements would have to be requested through them.
Yes. It is the business's responsibility to notify the State Department of Assessments and Taxation 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.