§ 8-112

# (a)

# (1)

In this section the following words have the meanings indicated.

# (2)

“Distiller” includes:

(i) the owner or proprietor of a bonded or other warehouse where distilled spirits are stored; or

(ii) a person who has custody of distilled spirits.

# (3)

“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.

# (b)

If a county subjects distilled spirits to the personal property tax, on or before March 15 of each year, a distiller shall submit to the Department a report of the fair value of distilled spirits held by the distiller in the county.

# (c)

# (1)

Distilled spirits shall be valued at the fair value of the spirits on January 1 of the year in which the report is made.

# (2)

The value of the same distilled spirits may not be reported more than 1 time in any period of 12 months.

# (d)

The distiller shall pay the property tax on the distilled spirits held by the distiller.