Maryland Code, TAX – PROPERTY 8-107
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, TAX - PROPERTY 8-107
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
(a) Except as provided under § 8-110 of this subtitle, the value of personal property shall be its value on the date of finality.
(b) In valuing any personal property acquired by purchase, lease purchase, or other similar agreement for transfer of title to the personal property after a period of its use, the Department shall consider any sum that is paid to acquire the personal property.