(a) The inventory of a business held for resale in the normal course of that business is hereby classified as personal property exempt from taxation for the City.

(b) The first one hundred thousand dollars ($100,000.00) of assessed valuation of personal property, other than aircraft, motor vehicles, and watercraft owned by each taxpayer shall be exempt from the levy on personal property within the City. For taxpayers with more than one (1) personal property tax account, the one hundred thousand dollar ($100,000.00) exemption will be distributed pro rata amongst all of the taxpayer’s accounts to the total assessed value of the taxpayer’s personal property.