[Adopted 8-16-1994 by Ord. No. 94-3[1] (Ch. 18, § 18-3, of the 1990 Code of Ordinances)]
[1]
Editor's Note: This ordinance provides that
it shall take effect upon passage and shall remain in effect through
12-31-2023, unless Town Council alters or eliminates this article
prior to that date.
A.
Effective with the assessment of tangible personal
property to be made as of December 31, 1994, the valuation of the
inventory or stock in trade of a wholesaler will be reduced by 20%
per year.
B.
The Assessor of the Town shall reduce the value of
the inventory of a wholesaler for taxes assessed December 31, 1994,
by 20%; for taxes assessed December 31, 1995, by 40%; for taxes assessed
December 31, 1996, by 60%; and for taxes assessed December 31, 1997,
by 80%.
C.
Beginning with the December 31, 1998, assessment and
thereafter, through the assessment to be made as of December 31, 2023,
no tax shall be assessed with respect to the inventory or stock-in-trade
of a wholesaler who has qualified under the terms of this section.
D.
In the event that a wholesaler sold inventory or stock
in trade at both wholesale and retail in the preceding calendar year,
the Tax Assessor shall assess a tax against that portion of the inventory
that was sold at retail. Said portion shall be equal to the percentage
of the wholesaler's total gross sales that were made at retail. If
retail sales for the calendar year were less than 1% of the total
annual sales, it shall be deemed that no sales were made at retail
for taxation purposes.
As used in this article, the following terms
shall have the meanings indicated:
Shall mean and include the merchandise kept on hand for sale
in the normal and regular course of a wholesaler's business.
Shall mean and include a person, partnership, corporation,
or other business entity engaged in the business of selling goods
for subsequent resale by its customers, who has duly made application
for such status pursuant to the terms of this article.
A.
Wholesalers desiring the benefit of this article shall
and must annually file an application on such forms to be provided
by the Tax Assessor. Such application must be received by the Tax
Assessor between January 1 and March 15, annually in order to be applied
to the preceding December 31 assessment.
B.
Each application must be notarized under oath by the
applicant under penalties of perjury.
C.
Such application shall contain as a minimum:
(1)
A statement of the applicant's name, mailing address,
and the address that the inventory or stock in trade is situated.
(2)
A statement that the applicant is a wholesaler under
the terms of this article.
(3)
A statement indicating the percentage of gross sales
of the wholesaler that were made at retail in the preceding calendar
year (if any).
(4)
The applicant shall provide the Tax Assessor such
additional information, certifications, records, and proof that the
Tax Assessor deems necessary to evaluate said application.
D.
All applications shall remain at all times completely
confidential and will become part of the wholesaler's tangible property
account.
