Inventory taxes are included in the markup of the product so that the consumer is now paying the inventory tax.
If the inventory tax is reduced or removed it is extremely unlikely that any company will pass along this decrease to the consumers by reducing the selling price of the product.
To my knowledge the county and the school system do not have a reserve of funds to make up this $3.127 million yearly shortfall in tax revenue.
If the inventory tax is reduced, the loss of tax revenue will have to be made up by increasing our taxes in some other area, likely our property taxes. The consumer would be paying the amount of the tax twice: once built into the product if the price is not reduced, and again with increased taxes in some area.
I strongly advise against any ballot referendum that would result in the reduction of business inventory tax.