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§ 6-301. State tax

West's Annotated Code of MarylandTax-Property

West's Annotated Code of Maryland
Tax-Property
Title 6. Taxable Property; Imposition of Tax; Setting Tax Rates
Subtitle 3. Setting Property Tax Rates
MD Code, Tax - Property, § 6-301
§ 6-301. State tax
Currentness
Setting the rate for State property tax
(a) Except as provided in subsection (b) of this section, the Board of Public Works annually shall set the rates for State property tax for the next taxable year as authorized by the General Assembly.
Intangible personal property
(b)(1) Intangible personal property is subject to State property tax as otherwise provided in this title at the rate set annually by the Board of Public Works under subsection (a) of this section, if:
(i) the intangible personal property has paid interest or dividends during the 12 months that precede the date of finality;
(ii) interest or dividends were withheld on the intangible personal property during the 12 months that precede the date of finality to avoid the tax under this subsection;
(iii) the intangible personal property consists of newly issued bonds, certificates of indebtedness, or evidences of debt on which interest is not in default; or
(iv) a stock dividend has been declared on the intangible personal property during the 12 months that precede the date of finality.
(2) The State property tax rate for the intangible personal property may not exceed 15 cents for each $100 of an assessment.

Credits

Added by Acts 1985, c. 8, § 2, eff. Feb. 1, 1986. Amended by Acts 1987, c. 322; Acts 2000, c. 80, § 1, eff. Oct. 1, 2000.
Formerly Art. 81, § 30.
MD Code, Tax - Property, § 6-301, MD TAX PROPERTY § 6-301
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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