The city council levies a special excise tax of one percent on the fair market value of every motor vehicle owned by a resident of the city for the privilege of using such motor vehicle in the city provided that in no event shall the tax be less than one dollar. Subject to the provisions of subsection 2 of RCW 82.44.150, the amount of such tax shall be credited against the amount of the excise tax levied by the state under RCW 82.44.020. (Prior code § 4.68.010.)