The Text

Hereafter, in any county containing a city of over one hundred thousand inhabitants, or in any such city, and, on or after January first, nineteen hundred forty-four, in any other city or any village, the amount to be raised by tax on real estate in any fiscal year for county purposes, for city purposes or for village purposes, in addition to providing for the interest on and the principal of all indebtedness, shall not in the aggregate exceed an amount equal to two per centum of the average assessed valuation of the real estate of such county, city or village subject to taxation, less the taxes levied in such year for the payment of the interest on and redemption of certificates or other evidence of indebtedness described in paragraphs A and D of section 5 of this article, or renewals thereof, and certificates or other evidence of indebtedness (except serial bonds of an issue having a maximum maturity of more than two years) issued for purposes other than the financing of capital improvements and contracted to be redeemed in one of the two fiscal years immediately succeeding the year of their issue. Such average assessed valuation shall be determined in the manner prescribed in section 4 of this article with respect to the limitations on indebtedness.
The provisions of this section shall not, however, prevent the legislature, by general or special law, from excluding from the limitation herein imposed, in the case of a village or of a city have not more than one hundred thousand inhabitants, the whole or any part of the amount raised by tax on real estate for educational purposes.
The amount raised by tax on real estate for educational purposes in a school district part of which is now without and part of which is now within or coterminous with the city, or of a union free school district now wholly within but not coterminous with a city, shall not be included in determining the tax limitation of such city.