The city council shall impose by ordinance an annual tax in such amount as it may deem necessary to pay the amounts appropriated in the budget duly adopted for the city for said fiscal year, upon the assessed value of all real estate lying within the corporate limits of the city and all personal property with a taxable situs within the city, excepting only such as is exempt from taxation under the Constitution and laws of the state of South Carolina. Such tax shall be levied by the city council on the property within the corporate limits as assessed for taxation for state and county purposes, adopting as a basis for such assessment the return and assessment for the current year in the office of the county auditor and county treasurer for the purposes of levying state and county taxes for such current year. (Prior code § 1-5-31)