You’ve Filed Your Maryland Personal Property Tax Return; Now What?

In Maryland, January 1 is the effective assessment date. The Maryland SDAT announced that the business personal property filing deadline has been extended to June 17, 2024, for this year only, even if an extension was not previously requested. The deadline is typically April 15, but was pushed for 2024 as part of the response to the collapse of the Francis Scott Key Bridge.

If June 15 falls on a holiday or a weekend, the extended deadline moves to the first following business day.

So, you’ve filed your return… now what?

Next up, the Maryland State Department of Assessments and Taxation (SDAT) will issue business personal property assessments based on the renditions filed.

Those assessments are calculated based on the cost and filing categories your business reported, multiplied by the standard depreciation factors assigned by the SDAT. The issued value may or may not reflect the fair market value of your property.

Once your assessment is issued, it is important that your business can answer “yes” to all the following questions:

• Do you know what the assessed value should be for each of your registered Maryland entities?
• Do you have a method to review your assessment notices for accuracy in a timely manner once issued by the SDAT?
• Do you know how to appeal the issued assessments if you disagree with the values?
• Do you know the associated deadline to file that appeal?
• Do you know how to file an exemption application, if applicable, and the associated due date of that application?

If your business could not file its personal property rendition on time this year, the Maryland SDAT has the right to jeopardy assess your property or even forfeit the entity for failure to file the personal property rendition. Both issues can be resolved if your business follows the appropriate steps.

‍If you need help answering any of the questions above or require assistance resolving your late personal property rendition, talk to our experts.