SALIBSURY – The Wicomico County Council is weighing whether to eliminate its inventory tax with a public hearing planned for next month on the effort.
On Tuesday, the Wicomico County Council voted unanimously to introduce a legislative bill that will amend a chapter within the County Code regarding taxation and the “percentage of assessed value changed” to reduce the percentage of the assessed value of commercial inventory subject to county property tax from 35 percent to zero phased over a five-year period.
According to the legislation, Wicomico County is the only county in the State of Maryland that taxes the value of business inventory.
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Yeah, the inventory tax discourages businesses from keeping things "in stock" ...
ReplyDeleteIf they have something that doesn't sell right away, then they have to pay a penalty (tax) on its value.
So why would any business want to have a substantial inventory on hand?
Just try to buy something from a local wholesale supplier during "inventory week" -- they ain't got much of ANYTHING on hand, since they don't want to pay this confiscatory tax on it!!
Thanks to Salisbury News and MD Coast Dispatch for keeping us informed about goings on in Wicomico County.
ReplyDeleteNo thanks to The Daily Times. A search for Wicomico inventory tax on their website and WBOC's comes up empty.
I guess they're too busy stumping for Obama and O'Malley's agenda.
finally a good move to make wico cty a more business friendly cty.
ReplyDeleteSo what serves to the public will Wicomico County cut out when it looses all this revenues?
ReplyDeleteNow - if we could get the state to get rid of the 'Use' portion of the sales tax - which is generally unenforceable in the first place - but still causes some residents to live and register in DE....
ReplyDelete11:31, the Daily Times is too busy trying to throw the Salisbury elections again.
ReplyDeleteNeed to get rid of the corporate property tax also.
ReplyDeletemaybe they ought to tax the daily disappointment for every time it prints a lie or distorts the truth. Hell the county would be awash in funds!
ReplyDeleteIf their not going to do away with my property tax also, then they can keep the corporate property tax.
ReplyDeleteCompare commercial development in Delmar, Maryland, vs Delmar, Delaware! This tax, along with the sales tax are the two biggest reasons why.
ReplyDelete