HARRY HUGHES, Governor

231

(B)  ALLOCATION OF ROLLING STOCK.

THE VALUE OF THE ROLLING STOCK THAT IS ALLOCATED TO THIS
STATE IS BASED ON THE RATIO THAT THE TOTAL NUMBER OF MILES
TRAVELED BY THE ROLLING STOCK IN THIS STATE BEARS TO THE TOTAL
NUMBER OF ALL MILES TRAVELED BY THE ROLLING STOCK.

(C)  TAXATION.

THE VALUE OF ROLLING STOCK THAT IS ALLOCATED TO THIS STATE
UNDER SUBSECTION (B) OF THIS SECTION SHALL BE SUBJECT TO THE
STATE PROPERTY TAX AS PROVIDED BY § 6-301 OF THIS ARTICLE.

REVISOR'S NOTE: Subsection (a) of this section is new
language added to clarify that the rolling stock shall
be valued as personal property is valued.

Subsection (b) of this section is new language
substituted for former Art. 81, § 17(a) to clarify the
current practice of valuing rolling stock.

Subsection (c) of this section is new language added
to provide a reference to the State property tax rate
that is applicable to rolling stock.

As to the situs of taxation in the State for rolling
stock, see § 5-102(d) of this article.

As to rolling stock owned by a railroad, which is
valued and assessed as operating property, see § 8-107
of this subtitle.

Former Art. 81, § 17(b), which described the valuation
of the rolling stock of parlor and sleeping car
companies, is deleted as obsolete.

Defined terms: "State property tax" § 1-101
"Value" § 1-101

8-111. VALUATION OF DISTILLED SPIRITS IF COUNTIES IMPOSE A
PERSONAL PROPERTY TAX.

(A) DEFINITIONS.

(1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2) "FAIR VALUE" MEANS THE LESSER OF:

(I)  THE COST, NOT REDUCED BY ANY ALLOWANCE FOR
INFLATION; OR

(II)  MARKET VALUE, NOT REDUCED BY ANY ALLOWANCE
FOR INFLATION.