Current through Register Vol. 51, No. 22, November 1, 2024
Section 08.04.10.05 - Abandoned Vessel TitleA. An application for abandoned vessel title under Natural Resources Article, §8-721 et seq., Annotated Code of Maryland, shall include: (1) Vessel identification;(2) Evidence of published notice;(3) Evidence of owner and lienholder notification; and(4) Any other documentation required by the Department.B. Vessel excise tax will be assessed on the fair market value of the vessel as shown in a national publication of used vessel values adopted by the Department.C. A marina may submit a single abandoned boat application for multiple vessels when; (1) The marina was purchased not more than 12 months prior to application;(2) Vessels remained on marina property at the time of property transfer without associated ownership and payment records; and(3) The contract of sale did not include assumption of accounts receivable.D. Vessel excise tax shall be assessed on the fair market value of the vessel as shown in a national publication of used vessel values adopted by the Department.E. Valuation may be adjusted at the Department's discretion based on the physical condition of the vessel.Md. Code Regs. 08.04.10.05