Home rule and first class cities inside boroughs may levy a property tax. A property tax, if levied, is subject to AS 29.45.010 — 29.45.050, 29.45.090 — 29.45.100, 29.45.250, 29.45.400 — 29.45.440 and 29.45.460 — 29.45.500. The council shall by June 15 of each year present to the assembly a statement of the city's rate of levy unless a different date is agreed upon by the borough and city.