The board of commissioners shall have power and it is hereby authorized to levy annually, for general purposes and for the purpose of paying the expenses of the town government, and ad valorem tax on all real and personal property within the corporate limits of said town, as defined in section two of this act, and all personal property owned by the residents of said town, including money on hand, solvent credits, and upon all franchises granted by the town to individuals or corporations and upon all other subjects taxed by the General Assembly, such tax not to exceed one dollar on every one hundred dollars appraised valuation of said property: Provided, however, that public property used for public purposes, actual places for religious worship, places of burial not held for private or corporate profit, all buildings used exclusively and owned by persons or corporations or associations of persons, for school purposes (and the necessary furniture of all school), and institutions of purely public charity, are hereby declared to be exempt from taxation.
(b) In addition to the subjects listed for taxation, the board of commissioners may levy such other taxes as may be authorized by the NCGS.