§ 105-555. Repeal of tax or decrease in tax rate.
§105‑555. Repeal of tax or decrease in tax rate.
The board of trustees of anAuthority may repeal a tax levied under this Article or decrease the tax rateof a tax levied under this Article. The same restrictions that apply to thelevy of a tax or an increase in a tax rate under this Article apply to therepeal of the tax or a decrease in the tax rate.
A tax repeal or a tax decreasebecomes effective on the date set by the board of trustees in the resolutionrepealing or decreasing the tax. The effective date must be on the first day ofa month and may not be earlier than the first day of the second month after theboard of trustees adopts the resolution. Repeal or decrease of a tax leviedunder this Article does not affect the rights or liabilities of an Authority, ataxpayer, or another person arising before the repeal or decrease. (1997‑417,s. 3.)