(A) Any increase in the amount levied and extended upon all taxable real property located within the city, exclusive of the amount levied and extended against new improvements or additions to existing improvements that increase the assessed value of those properties during the levy year, and exclusive of any levy for debt service on bonds issued by the city prior to November 5, 2002, shall be limited to 105% of the previous year's tax extension, or the percentage increase in the Consumer Price Index for all Urban Consumers (CPI-U) for the Midwest Region as specified by the United States Department of Labor Statistics, whichever is less.
(B) The percentage of increase, if any, shall be based on the difference between the amount of the tax extension for the calendar year preceding the current levy year, and the amount proposed to be levied during the current levy year.
(Ord. 02-47, passed 12-18-02; Am. Ord. 05-48, passed 4-11-06)