Hereafter, in the Town of Ramapo, the amount
of taxes to be raised by the General Fund, the Part-Town Fund and
the Part-Town Police Fund in any fiscal year, in addition to providing
for the interest on and the principal of all indebtedness, shall not
exceed an amount equal to 8/10 of 1% of the average full valuation
of taxable real estate in the Town, based on a prior five-year average,
less the amount to be raised by tax on real estate in such year for
the payment of the interest on and redemption of certificates or other
evidence of indebtedness described in Subdivisions A and D of § 5
of Article VIII of the Constitution of the State of New York, or renewals
thereof.
The average full valuation of taxable real estate
of the Town shall be determined by taking the assessed valuations
of taxable real estate on the last completed assessment roll and the
four preceding rolls of the Town and applying thereto the ratio which
such assessed valuation on each of such rolls bears to the full valuation,
as determined by the State Tax Commission or by such other state officer
or agency as the Legislature shall by law direct. The Legislature
shall prescribe the manner by which such ratio shall be determined
by the State Tax Commission or by such other state officer or agency.