Pub. L. 93-407, tit. IV, pt. 2, subpt. a, sec. 412

Sec. 412. The Council, after public hearing, shall establish each year, within thirty days after receipt of the Commissioner’s recommendation under section 413, a rate of taxation which, except as provided in section 431, shall be applied, during the tax year, to the assessed value of all real property subject to taxation. The Council may by resolution extend the time for any year for setting such rate of taxation, except that if the Council does make such an extension, it must establish such a rate for that tax year. If the Council fails to establish such a rate within such thirty clays, and fails to extend the time for establishing such a rate, the rate calculated by the Commissioner, pursuant to section 413, shall be the rate for that tax year.