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Jurisdictional Updates 7-12-2022

Maryland – Personal Property Assessment Exemption Now in Effect

Based on an increase in the business personal property exemption from $2,500 to $20,000, the State Department of Assessments and Taxation (SDAT) will adjust assessments of filings submitted between January 1 and June 30 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 were abated and filers who have already paid a late filing penalty billed on a return filing reporting less than $20,000 will receive 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. More information is available at Department of Assessments and Taxation (