2018 Form 1 — Personal Property Tax Return? (for use with Maryland Business Express only) is an online form used by business owners in the state of Maryland to submit their annual personal property taxes. This form is used to report the total taxable personal property owned by the business, including computers, furniture, fixtures, and equipment. Businesses must submit Form 1 before April 15th each year in order to avoid late fees or other penalties. The form includes sections for reporting total taxable personal property, total exemptions, and total taxes due. There are two types of 2018 Form 1 — Personal Property Tax Return? (for use with Maryland Business Express only): Form 1A (for businesses with total taxable personal property of less than $100,000) and Form 1B (for businesses with total taxable personal property of $100,000 or more).
2018 Form 1 - Personal Property Tax Return? (for use withMaryland Business Expressonly)
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FAQ
How is my bill calculated? The tax rate is established each fiscal year by the annual budget process. The bill is calculated by multiplying the tax rate by the certified assessment. The rate of interest on delinquencies is 1% of the unpaid principal, per month or portion of a month until paid.
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.
Corporate Taxes Every corporation and association having income allocable to the State of Maryland is required to file an income tax return with the state. The corporate tax rate is 8.25 percent of the net income allocable to Maryland.
An Annual Report must be filed by all business entities formed, qualified or registered to do business in the State of Maryland, as of January 1st. Failure to file the Annual Report may result in forfeiture of the entity's right to conduct business in the State of Maryland.
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.
Personal property generally includes furniture, fixtures, office and industrial equipment, machinery, tools, supplies, inventory and any other property not classified as real property.
The amount of the tax bill is determined by two factors: (1) the assessment and (2) the property tax rate for each jurisdiction (state, county, & municipal). Assessments are based on the fair market value of the property and are issued by the Department of Assessments and Taxation, an agency of state government.