A. The council of the city shall meet on the first Monday in August at 10:00 a.m. of said day in each year, and sit as a board of equalization, to examine the assessment book or roll and equalize the assessment of property in the city and shall continue in session for at least five days, but if the board of equalization is unable to complete the equalization of taxes in the city within said time, it must continue in session for that purpose from time to time until the business of equalization is disposed of, but not later than the third Monday in August of such year.

B. They shall have power to hear complaints and to correct or modify any assessment or cancel any assignment illegally made; provided, that notice is given to the party whose assessment is to be raised. (Prior code § 6.04.350)