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business license or may be made once annually thereafter at the time of licensee's application for a renewal license. (b) Home based businesses and home occupations eligible for election of an alternate flat rate tax assessment shall be deemed to be those businesses or occupations conducted from a home residence in the city whose business or occupational use of said residential premises meets the requirements for a home occupation permit as set forth in Sections 41-193.1 through 41-607 of this code as the same now exist or as they may be hereafter amended from time -to -time. Sec. 21-119.4. - Election of an alternate tax assessment basis —Effect. In every case where a licensee exercises a right under this Chapter to elect an alternate tax assessment basis the effect of said election shall be as follows: (a) In the event an existing licensee elects to convert their annual license assessment to an alternate tax assessment basis with an annual term beginning one (1) or more calendar quarters before the commencement of their pre-existing tax assessment basis and ending one (1) or more calendar quarters after the conclusion of their pre- existing tax assessment basis, then their initial alternate tax assessment shall be subject to a quarterly proration to account for the reduced number of calendar quarters remaining in the term of the newly elected tax assessment. (b) In the event an existing licensee elects to convert their annual license assessment to an alternate tax assessment basis with an annual term beginning one (1) or more calendar quarters after the commencement of their pre-existing tax assessment basis and ending one (1) or more calendar quarters after the conclusion of their pre- existing tax assessment basis, then their pre-existing tax assessment shall be retroactively increased prorata by the number of quarters necessary to account for the quarterly periods remaining between the conclusion of their pre-existing licensing term and the commencement of their alternate tax assessment licensing term. Sec. 21-120. - Flat rate and variable flat rate tax schedules; adjustment for inflation/deflation. (a) Flat rate and variable flat rate taxes are as set forth in Section 21-120a through 21-120w of this article. (b) Each tax, including each of its components, and any specified deposit amount required in lieu thereof, together with any other charges which are imposed pursuant to this chapter, but excluding the individual gross receipts tax rates set forth in section 21-119, shall be automatically adjusted on November 1, 2023, and on November 1 of each year thereafter, upward or downward, equivalent to the most recent change in the annual average of the consumer price index (All Urban Consumers 1982-84 = 100) as published by the United States Department of Labor for the Los Angeles -Long Beach - Anaheim metropolitan area as the same now exists or as shall be from time to time amended by the United States Department of Labor. Ordinance NS-3031 Page 7 of 15