§ 98a - A tax ceiling reduction after reappraisal
§ 3-98a. A tax ceiling reduction after reappraisal
(a) Whenever the city conducts a general reappraisal which results in an increase in the valuation of the taxable grand list, the property tax rate limits as specified for the city tax in section 99 of this charter, the school tax in section 102 of this charter, the police tax in section 102a of this charter, and the street tax in section 102b of this charter shall each be automatically reduced in a proportion corresponding to the increase in the valuation of the taxable grand list due to said reappraisal. When calculating this proportional reduction the valuation of the grand list after reappraisal shall be discounted to account for real growth in the taxable grand list by dividing the reappraised valuation of the taxable grand list by the sum of one hundred percent (100%) plus the annual rate of real growth in the taxable grand list for the year:
Discounted Grand List = Reappraised Taxable Grand List
Divided by
100% plus the annual percent real growth rate in the taxable
grand list for the year.
(b) The respective tax rate limits shall thereafter be permanently increased only when authorized by the voters at an annual or special city meeting duly warned for such purpose.