Section 8.1. Power, Limitation, and Subjects of Taxation.
The City shall have the power to assess taxes and to levy and collect rents, tolls, and excises. Exclusive of any levies authorized by law to be made beyond Charter tax rate limitations, the annual ad valorem tax levy shall not exceed 1.16 percent of the assessed value of all real and personal property in the City. The subjects of ad valorem taxation for Municipal purposes shall be the same as for State, County and school purposes under the general law. Except as otherwise provided by this Charter, City taxes shall be assessed, levied, collected, and returned in the manner provided by statute. No exemptions from taxation shall be allowed except as expressly required or permitted by law.