The Board of Review shall be appointed by the Commission and shall be comprised of three (3) persons having the qualifications required by this charter for officers of the city, who are tax payers to the city, and have been residents of the city for not less than three (3) years. In the first instance, the full Board shall be appointed, one (1) to serve for a term of one (1) year, one (1) to serve for a term of two (2) years, and one (1) to serve for a term of three (3) years. Thereafter, the Commission shall, annually, the last Commission meeting in March appoint one (1) member of the Board to serve for a full term of three (3) years. The Commission shall set the compensation of the Board of Review.