(A) The Council may levy by budget ordinance an annual millage for the general purposes of the town. Any increase in the millage from the previous year shall not exceed the limit permitted by law. Council may levy by budget ordinance an annual millage for payments for real property purchased using a lease-purchase agreement and the maintenance of a reserve fund. Council shall levy such millage as required by law for the paying of interest and principle for any outstanding general-obligation bonds of the town.
(B) Property tax shall be levied by the Council on the property within the municipality as assessed for taxation for county and state purposes.
(Ord. 2015-06, passed 7-28-2015)