Section 8-112 - Valuation of distilled spirits if counties impose a personal property tax(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.