A tax is hereby imposed in accordance with the provisions of ILCS Ch. 65, Act 5, § 8-11-6 upon the privilege of using in the municipality any item of tangible personal property which is purchased outside Illinois at retail from a retailer, and which is titled or registered with an agency of state government. The tax shall be at a rate of 1% of the selling price of such tangible property with selling price to have the meaning as defined in the Use Tax Act, approved July 14, 1955.
('71 Code, § 4-23-1)