The possessory interest tax set forth herein shall be imposed on the ownership and use of a nonexempt possessory interest on January 1st of each taxable year and shall be assessed at the rate of three percent of the tax base as determined in accordance with the methodologies utilized in Section 9-107 of this Title. The said tax rate may not be escalated by more than the annual rate of inflation as measured by the annual average rate of the Gross Domestic Product (GDP) price deflator of the preceding year for the succeeding tax cycles. Upon passage of any act changing the tax rate and/or the methodologies, notice shall be given to all taxpayers and shall be published in newspapers of general circulation and posted or published at such places as the Tax Commission designates. ONCA 06-10, eff. Sept. 29, 2006.