Maryland Code, TAX – GENERAL 7-204
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Terms Used In Maryland Code, TAX - GENERAL 7-204
- Decedent: A deceased person.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
(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 decedent’s death.