All taxi licenses issued pursuant to this chapter shall be valid for one year. The license fee provided for under this chapter shall be nonrefundable and not prorated for revocation or suspension. However, the license fee shall be prorated for operation of a taxi service for only a portion of a license period. The license period shall commence on July 1, or on the date the operations are started, and shall terminate the last day in June. Renewals shall follow the same procedure as set for initial issuance.