230

LAWS OF MARYLAND

Ch. 8

Also in subsection (a)(2) of this section, the
reference to "the number of months of a year" that
stock in business existed is substituted for the
former reference to "the twelve months preceding the
date of finality, or if existing for less than twelve
months ... then ... for those months or that month or
part thereof" that stock in business existed, for
clarity and brevity.

In subsection (a)(3) of this section, the words "fair
value" are substituted as the defined term for the
former phrase "fair average value", for clarity.

Also in subsection (a)(3) of this section, the word
"market", which formerly modified "value" is deleted
as unnecessary in light of the defined term "value".

Also in subsection (a)(3) of this section, the former
phrase "without any allowance for inflation" is
deleted as superfluous.

Subsection (a)(4) of this section is rephrased as a
definition of "stock in business", for clarity and
brevity.

Also in subsection (a)(4) of this section, the former
reference to "every person, firm or corporation" that
is engaged in a commercial or manufacturing business
is deleted as superfluous.

In subsection (b) of this section, the former
reference to stock in business being "assessed" is
deleted as unnecessary since for personal property
there is only a 1-step process -- i.e., valuation.

In State Department of Assessments and Taxation v.
Greyhound Computer Corp. et al, 271 Md. 575, 584
(1974), the Maryland Court of Appeals noted that the
terms "stock in business" or "inventory" were
synonymous for purposes of personal property tax. In
this regard, note the addition of the word "inventory"
in subsection (a)(4)(i) of this section.

Defined terms: "Date of finality" § 1-101

"Includes";"including" § 1-101 "Manufacturing" § 1-101

"Value" § 1-101

8-110. VALUATION OF ROLLING STOCK.

(A) VALUATION AS PERSONAL PROPERTY.

ROLLING STOCK THAT HABITUALLY IS USED ON A RAILROAD IN THIS
STATE SHALL BE VALUED TO THE OWNER OF THE ROLLING STOCK AS
PERSONAL PROPERTY IS VALUED.