[Adopted 5-5-1999 (Ch. 21, Art. III, of the
1985 Code of Ordinances)]
In accordance with RI G.L. § 44-3-29.1,
the inventory tax of wholesalers and retailers shall be phased out
in accordance with the terms of said statute. The Smithfield rate
schedule for the phase out period shall be as follows:
Year
|
Tax Rate
|
---|---|
FY 1999
|
$39.00 per $1,000 of assessed valuation
|
FY 2000
|
90% of FY 1999 rate
|
FY 2001
|
80% of FY 1999 rate
|
FY 2002
|
70% of FY 1999 rate
|
FY 2003
|
60% of FY 1999 rate
|
FY 2004
|
50% of FY 1999 rate
|
FY 2005
|
40% of FY 1999 rate
|
FY 2006
|
30% of FY 1999 rate
|
FY 2007
|
20% of FY 1999 rate
|
FY 2008
|
10% of FY 1999 rate
|
FY 2009
|
No tax authorized
|