Except as exempted by ordinance, or as otherwise provided for, all real property shall be subject to a tax upon 100 percent of its fair market value determined in the manner provided by ordinance, at such rate as shall be determined in the manner provided in § 8-11.1. No taxpayer shall be deemed aggrieved by an assessment, nor shall an assessment be lowered, except as the result of a decision on an appeal as provided by law. For the purpose of this section, an exemption listed and recognized under § 8-10.20 shall be deemed an exemption granted by ordinance.
(Sec. 8-6.1, R.O. 1978 (1983 Ed.)) (1990 Code, Ch. 8, Art. 6, § 8-6.1) (Am. Ords. 92-38, 00-64, 00-65)