There is levied an excise tax in the amount of one percent of the fair market value of every motor vehicle owned by a resident of the city, for the privilege of using the motor vehicle within the city; provided, however, in no event shall the tax on any such vehicle be less than $1.00 and, subject to the provisions of RCW 82.44.150(2), the amount of such tax shall be credited against the amount of the excise tax levied by the state pursuant to RCW 82.44.020. (Ord. 283 §1, 1973).