Responsibility for the assessment of all personal property throughout Maryland rests with 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.

In general, business personal property is all property owned, possessed, controlled, or leased by a business except real property and inventory items. Business personal property includes, but is not limited to: Machinery. Computers. Equipment (e.g. FAX machines, photocopiers)

Classifications Intangible. Tangible. Other distinctions.

Personal use property is used for personal enjoyment as opposed to business or investment purposes. These may include personally-owned cars, homes, appliances, apparel, food items, and so on.

Possessions which can be easily moved and are not fixed in a permanent location, such as furniture, clothing, jewelry, books, and other personal items are not considered real property; instead, these items are classified as personal property.

Personal property depends on a surprisingly simple test: Can you physically move it? The outcome of that test determines the distinction between real property and personal property, which in turn has real implications for taxation.

A Maryland personal property return (Form2) must be filed by all sole proprietorships and general partnerships if they possess (own, lease, rent, use or borrow) business personal property or need a business license. A business which fails to file this return will likely receive an estimated assessment.

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The Personal Property Division information page of the SDAT Web site contains links to forms and instructions, brochures, exemptions, tax rate charts and more. A complete list of exemptions under Maryland law can be found in.Tax-General Article Sections 11-201 through 11-245. Examples of tangible personal property include vehicles, furniture, boats, and collectibles. Free guide on the easiest way to file your Maryland Annual Report. Section VVII: Complete the information requested. See above for exempt organizations. What is personal property? Specifying personal property in your will can prevent misunderstandings, minimize potential disputes, and make the probate process smoother. This assures proper distribution of assessments.

Personal Property Examples In Maryland

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