In this section the following words have the meanings indicated. “Distiller” includes: the owner or proprietor of a bonded or other warehouse where distilled spirits are stored; or a person who has custody of distilled spirits. “Fair value” means the lesser of: the cost, not reduced by any allowance for inflation; or market value, not reduced by any allowance for inflation. 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. Distilled spirits shall be valued at the fair value of the spirits on January 1 of the year in which the report is made. The value of the same distilled spirits may not be reported more than 1 time in any period of 12 months. The distiller shall pay the property tax on the distilled spirits held by the distiller.