(1) Each person who obtains a permit to construct a residential, commercial, or industrial improvement in the City shall pay a construction excise tax in the amount of one-third of one percent of the value of the improvement.

(2) The construction tax imposed on structures intended for commercial or industrial use may not exceed $50,000 per building permit or $50,000 per structure, whichever is less.

(3) The construction excise tax shall be due and paid at the time of issuance of a building permit.