For taxes payable in 1997, and each year thereafter, the total amount of revenue payable from taxes on real property within the city, excluding the levy pursuant to South Dakota Compiled Laws 10-13-36, may increase no more than the lesser of three percent (3%) or the index factor, as defined in South Dakota Compiled Laws 10-13-38, over the amount of revenue payable from taxes on real property in the preceding year, excluding the amount of taxes levied pursuant to South Dakota Compiled Laws 10-13-36. After applying the index factor, the governing body of the city may increase the revenue payable from taxes on real property above the limitations provided by this section by the percentage increase of value resulting from any improvements or change in use of real property, annexation, minor boundary changes and any adjustments in taxation of property separately classified and subject to statutory adjustments and reductions under South Dakota Compiled Laws chapters 10-4, 10-6, 10-6A, and 10-6B, except 10-6-31.4, only if assessed the same as property of equal value. The governing body of the city may increase the revenue it receives from taxes on real property above the limit provided by this section for taxes levied to pay the principal, interest, and redemption charges on any bonds issued after January 1, 1997, which are subject to referendum, scheduled payment increases on bonds and for a levy directed by the order of a court for the purpose of paying a judgment against the city. (2005 Code)