(A) The assessor shall assess property at its full and true value as of January 1 of the assessment year, except as provided in this section. The full and true value is the estimated price that the property would bring in an open market and under the then prevailing market conditions in a sale between a willing seller and a willing buyer both conversant with the property and with prevailing general price levels.
(B) Assessment of business inventories, including supplies, may be based on the estimated average monthly method of assessment rather than the value existing on January 1. The Council may adopt regulations prescribing the method of assessment of business inventories.
(C) In the case of cessation of business during the tax year, the municipality may provide for reassessment of business inventories using the average monthly method of assessment for the tax year rather than the value existing on January 1 of the tax year, and for reduction and refund of taxes.
(Am. Ord. No. 2003-05, passed 5-6-03)