Any vehicle which is registered or licensed by another municipality which has imposed a similar registration or taxing requirement or fee as imposed by this subchapter, which is subject to a taxing requirement or fee of not less than $5 per year by another municipality, shall not be required to pay the fee or license required pursuant to this subchapter. The exemption and reciprocity shall be granted; provided that, the other municipality shall have enacted a similar reciprocity provision exempting vehicles registered in the city from the license fee or tax in the other municipality under the same circumstances.
(1989 Code, § 70.37)