(A) In order to carry out the purposes, powers, and duties of the City Government established by this Charter, the City shall have the power to assess taxes and to lay and collect rents, tolls, and excises. The annual general ad valorem tax levy for municipal purposes shall not exceed two percent (2 percent) of the State equalized value of all real and personal property in the City.
(B) If the method of calculating the State equalized value of real and personal property is changed from its present method of fifty percent (50 percent) of the fair market value, the amount of the annual general ad valorem tax levy for municipal purposes that the City is permitted to collect shall be adjusted inversely, in a proportional amount, but in no event shall the amount permitted to be taxed under this provision exceed the amount permitted to be taxed by the laws of the State.
(Charter effective 1-1-77)