The city hereby levies an annual ad valorem tax on all real property at a rate per $100 of assessed valuation as is established by annual ordinance of the City Commission. In the event that said rate is subsequently determined by a court of last resort to be excessive, then the city shall adopt the maximum ad valorem rate allowed by law in lieu of said rate.
(Prior Code, § 36.04) (Ord. 3-1988, passed 9-8-1988; Ord. 4-1990, passed 8-9-1990; Ord. 2, Series 2018, passed 6-14-2018; Ord. 5, Series 2019, passed 6-13-2019; Ord. 2, Series 2020, passed 6-11-2020; Ord. 1, 2021 Series passed 6-10-2021)