All real property in the borough and all personal property in the borough, except motor vehicles subject to the license tax under AS 28.10.431, and as such statute may be hereafter amended, revised or replaced, and except such other property as is by law exempt from taxation, shall be annually assessed, and a tax thereon shall be annually levied and collected for school and municipal purposes, in the manner set forth herein. [Ord. No. 546, §1, 12-2-85; Ord. No. 272, §2, 11-17-77. Code 1974 §45.11.010.]