§ V-4. Tax formula; alteration thereof.

The tax formula applied in the foregoing sections V-1 through V-3, is stated in the following proportions:

Basic Tax ..... 85% of local tax revenue

Surcharge No. 1 ..... 7½% of local tax revenue

Surcharge No. 2 ..... 7½% of local tax revenue

All property in the municipality constitutes the basic grand list and is taxable at a rate that will produce an amount equal to eighty-five per cent (85%) of the local tax revenue required in each annual budget.

All property, real and personal, that is connected to one public utility, either water, or sewer, except, however, automobiles, boats and aircraft, constitutes the grand list of Urban Tax District No. 1 and is taxable at a rate that will produce an amount equal to seven and one-half per cent (7½%) of the total tax revenue required in each such budget.

All property, real and personal, that is connected to both public utilities, water and sewer, except, however, automobiles, boats and aircraft, constitutes the grand list of Urban Tax District No. 2 and is subject to a second surcharge in addition to the surcharge for Urban Tax District No. 1, that will produce an amount equal to the remaining seven and one-half per cent (7½%) of the local tax revenue required in each annual budget.

If at any time a majority of all of the members of the common council shall determine that the proportions of the foregoing tax formula are not equitable in the light of changed circumstances, they may alter the ratio of the apportionment so as to do equity; but no such alteration shall be made until the lapse of four years from the effective date of this Consolidation Ordinance.