(A) The Council shall annually at its regular meeting in the month of January in each year, or as soon thereafter as practicable, not later than a regular or called meeting in May, fix the tax rate on all real and personal property for the current calendar year, property subject to taxation within and by the town, and shall assess such taxes as may be required to provide for the needs and purposes of the town.
(B) In determining the valuation of property in the town, reference shall be had to the records of the County Commissioner of the Revenue.
(1997 Code, § 62-30)