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Can you summarize MDCR 18.03.04?
PERSONAL PROPERTY ASSESSMENTS > Banks or Trust Companies
Short Summary
The provided legal document content pertains to personal property assessments for banks or trust companies in the Code of Maryland Regulations. It specifies that if a computer program or computer hardware owned by a bank or trust company is used in both taxable and exempt activities, its taxable status is determined by the primary use of the property. However, a computer program or computer hardware used by a bank or trust company in connection with word processing is subject to valuation and property tax. The document provides definitions for terms such as ‘bank or trust company,’ ‘computer hardware,’ ‘computer program,’ and ‘word processing.’ It clarifies that ‘computer hardware’ includes various electronic equipment used for data entry, organization, manipulation, or viewing, but excludes furniture. Additionally, it explains that ‘word processing’ refers to the production of documents using computer hardware and software, excluding documents reflecting deposit or loan account activity. The document references specific sections of the Annotated Code of Maryland for further details on the defined terms. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks or trust companies
What does it govern?
Personal property assessments for banks or trust companies
What are exemptions?
A computer program or computer hardware owned and used by a bank or trust company in connection with the processing of deposits or loans is not subject to valuation or property tax.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Maryland