[Adopted 8-21-1997, effective 9-18-1997 (Ch. II, § 8,
2-08-06, of the 1991 Code)]
Pursuant to authority granted to the Town of
Glocester by R.I.G.L. § 44-3-40, the Town hereby exempts
the stock-in-trade or inventory of retailers located within the Town,
subject to the following terms and conditions.
As used in this article, the following terms
shall have the meanings indicated:
Includes the merchandise kept on hand for sale in the normal
and regular course of retail business.
Includes a person, partnership, corporation, or other business
entity engaged in the business of selling goods at retail.
A.
An applicant seeking a tax exemption on inventory
shall file an application with the Tax Assessor of the Town of Glocester.
The application shall be on a form furnished by the Tax Assessor.
B.
The form shall contain as a minimum the following
information:
(1)
The name and address of the applicant;
(2)
The location where the inventory is located within
the Town of Glocester, including the lot and plat;
(3)
The value of the inventory as of December 31 in the
year immediately preceding the year in which the exemption is requested;
(4)
The nature of the inventory for which the exemption
is being requested; and
(5)
The application shall be signed by the applicant.
Upon receipt of a signed application, in accordance with § 247-19, accompanied by a copy of a paid tax bill, or a certification from the Tax Collector that all taxes due on the tangible personal property and on the real estate where the inventory is located are current, the Tax Assessor shall notify the applicant that the exemption has been granted.
Initial grants of exemption from taxation shall
be for a period of 10 years. An applicant may apply for subsequent
grants of exemption from taxation in accordance with the procedure
set forth in the initial application.
Taxpayers receiving an exemption shall annually,
prior to March 15, file a report with the Tax Assessor listing the
value of all inventory and tangible personal property located within
the Town of Glocester as of the previous December 31. Contemporaneously
with filing the annual report, the taxpayer shall file either a copy
of a paid tax bill for the tangible personal property and real estate
where the inventory is located or a certificate from the Tax Collector
that all taxes are current. Failure to file a timely report, or proof
that tangible and real estate taxes are current, may result in revocation
of the exemption.
Delinquency in the payment of taxes on the real
estate where the inventory is located shall not necessarily deprive
a retailer, who is not responsible for the payment of real estate
tax, of the exemption provided herein.
Upon notification to the Town Council by the
Tax Assessor that a taxpayer previously granted an exemption has failed
to comply with the terms of this article, the Town Council may, upon
notice to the taxpayer, hold a show-cause hearing and terminate the
exemption.
The Tax Assessor shall annually, in the month
of August, report to the Town Council the amount of property exempted
pursuant to the terms of this article.
