Section 9. Maximum Rate of Taxation
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Maximum Rate of Taxation
The rate of taxation of real and personal property for State purposes shall never exceed ten (10) mills on each dollar of assessed valuation, unless a proposition to increase such rate, specifying the rate proposed and the time during which the same shall be levied, shall have been submitted to the people at a general election, and shall have received a majority of all the votes cast for and against it at such election.
Maximum Rate of Taxation
The rate of taxation of real and personal property for state purposes, shall never exceed ten (10) mills on each dollar of assessed valuation; and if the taxable property in the state shall amount to fifty million (50,000,000) dollars the rate shall not exceed five (5) mills on each dollar of valuation; and whenever the taxable property in the state shall amount to one hundred million (100,000,000) dollars, the rate shall not exceed three (3) mills on each dollar of valuation; and whenever the taxable property in the state shall amount to three hundred million (300,000,000) dollars the rate shall never thereafter exceed one and one-half (1 ½) mills on each dollar of valuation, unless a proposition to increase such rate, specifying the rate proposed and the time during which the same shall be levied, shall have been submitted to, the people at a general election, and shall have received a majority of all the votes cast for and against it at such election.