[1]
Editor's Note: This resolution superseded
former Art. VIII, Commercial Inventory Exemption, adopted 4-21-1987
by Res. No. 312. The preamble to this resolution read as follows:
"WHEREAS, Section 7-108 of the Tax - Property
volume of the Annotated Code of Maryland, 1986 Volume, authorizes
the governing body of any County, by Ordinance or Resolution, to change
the percentage of the total assessed value at which any property described
therein can be taxed by reducing the percentage of such inventory
to be taxed; and
WHEREAS, Section 7-222 thereof provides under
the title "Business stock property" for the possible exemption from
City and County taxation the stock in business of every firm, corporation
or entity engaged in manufacturing or commercial businesses; and
WHEREAS, in accordance with the provisions
of Section 9A of Article 81 of the Maryland Code, the Wicomico County
Council previously determined by its Resolution No. 284, adopted on
February 5, 1985, that it is desirable to change the percentage of
the total assessed value at which said property should be assessed
and, in fact, by said Resolution did provide for the assessment of
such "Commercial Inventory" on a basis of 45% rather than the 60%
provided at that time in the aforesaid Section of the Annotated Code
of Maryland; and
WHEREAS, in accordance with the provisions
in Section 7-108 and 7-222 of the Tax - Property Volume of the Maryland
Code, the Wicomico County Council previously determined by Resolution
No. 312, adopted on April 21, 1987, that it was further desirable
to change the percentage of the total assessed value which said property
should be assessed and, in fact, by said Resolution did provide for
the assessment of such "Commercial Inventory" on a basis of 42 1/2%
rather than the 45% previously provided;
WHEREAS, the Wicomico County Council has determined
that it is desirable to further reduce the percentage of the total
assessed value at which such property shall be assessed;
NOW, THEREFORE BE IT RESOLVED, that the County
Council of Wicomico County, Maryland, in Executive Session, on the
19th day of April, 1988,..."
[Amended 3-5-2013 by Bill
No. 2013-01]
Pursuant to the authority granted in §§ 7-108
and 7-222 of the Tax-Property Volume of the Maryland Code, the percentage
of the total assessed value at which commercial inventory shall be
assessed for County taxation purposes is as follows:
