Maryland Property Tax Business personal property exemption

The Maryland State Department of Assessments and Taxation (SDAT) alerts taxpayers of the increase in the exemption from personal property assessment for all Maryland businesses from $2,500 to $20,000 due to recently enacted legislation (as reported in State Tax Update , 05/19/2022). The SDAT will automatically adjust assessments of filings that were submitted between January 1, 2022, and June 30, 2022 so that reported business personal property less than $20,000 is not assessed. Late filing penalties previously billed on 2022 business personal property returns reporting less than $20,000 have been abated and filers who have already paid a late filing penalty billed on a return filing reporting less than $20,000 are being mailed a refund check for the penalty paid. Beginning in 2023, filers with a total original cost of personal property less than $20,000 will also be able to self-attest on their Annual Report that their personal property falls within the exemption range and will no longer be required to submit a return detailing their personal property. (News Release, Maryland SDAT, 07/11/2022.)