The village shall have the power to lay and collect taxes for municipal purposes. The annual general ad valorem tax levy shall not exceed one-half of one percent of the assessed value of all real and personal property subject to taxation in the village exclusive of any levies authorized by general statute to be made beyond charter tax rate limitations. It is provided, however, that this tax limitation may be increased for a period of not to exceed three years at any one time to not more than one and one-half percent of the assessed valuation of such real and personal property by a majority vote of those electors voting thereon at any regular village election or special election called for that purpose. In any such election held hereunder for the raising of the tax limitation, only those persons who own property assessed for taxes in the village and their husbands and wives shall be entitled to vote.
(char. eff. Dec. 5, 1955)