5.11 Levy of Property Tax. Procedure for Assessment and Collection.
To the extent that the Constitution does not limit the setting of the ad valorem property tax rate, the city council shall: Not later than the date set by state law for this purpose, the council shall by resolution fix the rate of property tax to be levied and levy the tax upon all taxable property in the city. Such rate shall be adequate to meet all obligations of the city for the fiscal year, taking into account estimated revenue from all other sources. Should the council fail to fix the rate and levy taxes within the time prescribed, the rate for the next preceding fiscal year shall thereupon be automatically effective, and a tax at such rate shall be levied upon all taxable property in the city for the current fiscal year. The procedure for the assessment and collection of taxes upon property, taxable for municipal purposes, shall be prescribed by ordinance of the city council.