What is a Maryland personal property return?

In Maryland there is a tax on business owned personal property which is imposed and collected by the local governments. Personal property generally includes furniture, fixtures, office and industrial equipment, machinery, tools, supplies, inventory and any other property not classified as real property.

Who Must File Maryland personal property return?

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. 2.

How is personal property tax calculated in Maryland?

Maryland does not have a set tax rate; instead, the tax rate is set each fiscal year by the annual budget process. Tax bills are calculated by multiplying the current fiscal year’s tax rate by the certified assessment.

Can you pay Maryland personal property tax online?

Nearly all charter and personal property filings can be made online, and to do so please visit Maryland Business Express’ Registrations and Filings Portal to register your business, order business documents, and file annual reports and personal property tax returns.

What is tangible personal property for tax purposes?

Tangible personal property (TPP) comprises property that can be moved or touched, and commonly includes items such as business equipment, furniture, and automobiles. This is contrasted with intangible personal property, which includes stocks, bonds, and intellectual property like copyrights and patents.

Does Maryland have personal property tax on vehicles?

Motor vehicles registered in Maryland are generally exempt. Vehicles with interchangeable registrations, such as dealers and finance companies, (classes 1-5) are taxed as personal property. All personal property is exempt from state property taxes.

Are Maryland personal property returns extended?

PLEASE NOTE: In an effort to protect the environment and save Maryland tax payer dollars, the Department will no longer mail Annual Report and Personal Property Tax Return forms.

What is Maryland’s property tax rate?

1.06%
Maryland’s average effective property tax rate of 1.06% is just below the national average, which is 1.07%. However, because Maryland generally has high property values, Maryland homeowners pay more in annual property taxes than homeowners in most other states.

How do I pay my Maryland property taxes?

Pay Your Property Taxes You can pay your taxes online, by mail, in person or over the phone. Search and pay for real or personal property tax information online. Note: You will need a parcel ID, account number or property address, which you will find on your tax bill.

Where to file personal property returns in Maryland?

Please use the forms below to file 2020 annual reports and personal property returns. The 2021 forms are located above, and forms for years prior to 2020 are located below. You may also file these most of these documents online through Maryland Business Express

Is there a personal property tax in Maryland?

In Maryland there is a tax on business owned personal property which is imposed and collected by the local governments. Responsibility for the assessment of all personal property throughout Maryland rests with the Department of Assessments and Taxation.

Where is the Maryland Department of assessments and taxation located?

Maryland Department of Assessments and Taxation Business Personal Property Division 301 West Preston Street Baltimore, Maryland 21201-2395 Mailing Address for Form 1 Personal Property Returns – initial filings only Maryland Department of Assessments and Taxation Business Personal Property Division PO Box 17052 Baltimore, Maryland 21297-1052

Where do I file my personal property tax return?

As you answer the prompts in filing the Annual Report electronically, MBE will automatically identify whether a Personal Property Tax Return is required. Business owners may continue to submit their Annual Report and Personal Property Tax Returns by mail or file in person at our West Preston Street office in Baltimore City.