Section 7-203 – Exemptions
(a) The inheritance tax does not apply to the receipt of an annuity or other payment under a public or private employees’ pension or benefit plan if the annuity or other payment is not taxable for federal estate tax purposes. (b) (1) (i) In this subsection the following words have the meanings indicated. (ii) “Child” includes a stepchild or former […]
Section 7-225 – Inventory
(a) A person required to file an inventory shall have the property appraised in the manner provided in Title 7, Subtitle 2 of the Estates and Trusts Article. (b) Each personal representative shall file the inventory required by § 7-201 of the Estates and Trusts Article with the register within 3 months after appointment. (c) If there is […]
Section 7-204 – Tax Rate
(a) In this section, “clear value” means fair market value minus expenses. (b) The inheritance tax rate is 10% of the clear value of the property that passes from a decedent. (c) If a decedent died on or before May 31, 1975, the rate of the inheritance tax is the rate in effect on the date of the […]
Section 7-228 – Estate of Nonresident Decedent
(a) For an estate of a nonresident decedent, if the death taxes and interest and penalties on the death taxes due to a domiciliary state or a political subdivision of a domiciliary state are not paid or secured, the unit responsible for collecting the death taxes in the domiciliary state or subdivision may petition and receive […]
Section 7-207 – In General
Except as provided in §§ 7-209 through 7-211 of this subtitle, the value of property that passes from a decedent is, for purposes of the inheritance tax, the appraised value of the property required to be stated in the inventory required to be filed under § 7-225 of this subtitle.
Section 7-231 – Administration by Register
(a) In addition to the duties set forth elsewhere in this subtitle and the Estates and Trusts Article, the register has the duties set forth in this section. (b) If an inventory is not filed as required by § 7-225(c), (d), or (e) of this subtitle, the register of the county where the inventory should have been […]
Section 7-208 – Concurrent Absolute and Less Than Absolute Interests
(a) (1) If there is a formal administration of an estate, the court with jurisdiction to administer the estate shall determine, for purposes of the inheritance tax, the value of any concurrent absolute interest or less than absolute interest in property that passes from the decedent, that is listed in an account required under § 7-305 of […]
Section 7-209 – Method to Value Concurrent Absolute and Less Than Absolute Interests
(a) Except as otherwise provided by an instrument that creates a joint tenancy or by law, if, before death, a decedent had an absolute interest in property as a joint tenant, the value of the interest in the property that passes from the decedent is determined by dividing the value of the entire property by the […]
Section 7-210 – Subsequent Interests
(a) (1) If an application to prepay inheritance tax for a subsequent interest in property is filed under § 7-219 of this subtitle, the value of the subsequent interest is determined by subtracting the value of all preceding and concurrent interests from the value of the whole property. (2) The total inheritance tax on all interests in the […]
Section 7-211 – Election for Special Valuation
(a) The person responsible for paying the inheritance tax may elect to value real property, for purposes of the inheritance tax: (1) at its most recent real property assessment plus any inflation allowance if, for the 5 years immediately before the date of the death of the decedent, the real property qualifies under § 8-209 or § […]