(1) The City shall have the power to levy, assess and collect taxes of every character and type for any municipal purpose not prohibited by the Constitution and laws of the State of Texas as now written or hereafter amended. No ad valorem or additional sales tax or assessments may be imposed after the passing of this Charter without the approval of the electorate.
(2) The City shall have the power to grant tax exemptions in accordance with the laws of the State of Texas to include exemptions based on age, or homestead, or any other exemptions as described in the Texas Constitution and in the Tax Code.