Property
Fiscal 1999 - Per $100	Caroline County	Maryland
Real Property Tax Rate	$2.38*	$0.21
Effective Rate (assessed at 40%)	$0.952	$0.084
Business Personal Property Tax Rate (taxed on depreciated value)	$2.38	$0.00
R&D machinery, equipment, materials & supplies	Exempt	$0.00
Manufacturing machinery equipment, materials and supplies	Exempt	$0.00
Manfacturing/R&D inventory	Exempt	$0.00
Warehousing inventory	Exempt	$0.00
*In an incorporated area, the County rate may vary and a municipal rate will also apply. Upon application to the County, a manufacturer may be eligible for a five year tax abatement on real property.

Income Tax State Corporate Income Tax: 7% on net income attributable to business transacted within Maryland. No County tax. State Personal Income Tax: For 1999, the top tax bracket is 4.85% on taxable income over $3,000, which is being reduced incrementally to 4.75% by 2002. County Personal Income Surtax: For 1999, 60% of the State personal income tax liability calculated on the basis that the top marginal State tax rate is 5%.

Sales and Use Tax State: 5% on tangible personal property sold at retail or used in Maryland. Does not apply to sales for resale. Does not apply to a manufacturer's purchase of raw materials nor manufacturing machinery and equipment. Tax exemptions for R&D firms include: purchases of materials and equipment used in R&D and testing of finished products, and purchases of computer programs for reproduction or incorporation into another computer program for resale. County: None.

Maryland State Department of Assessments and Taxation; Comptroller of the Treasury.