(1) Except as otherwise provided in this section, upon the filing in the offices of the secretary of state and the county clerk of a copy of the initiatory petition; the separate tax limitations recommended by the county tax allocation board; all resolutions of the board; and the certificate of the county board of canvassers showing that a majority of the electors voting on either the separate tax limitations proposed by petition of electors or of the county tax allocation board, or both, has approved the separate tax limitations and stating the number of votes cast on the separate questions and the number cast for and against the questions, the separate tax limitations for the county and for the townships and intermediate school districts in the county are effective and shall apply to all subsequent tax levies until altered by another vote under this act or expiration of the period for which the separate tax limitations were voted.

    (2) Except as otherwise provided in subsections (3), (4), and (5) if the election is held after April 1 in any year, the adopted limitations shall be first effective in the immediately succeeding calendar year.

    (3) In 2001 only, if the election is held August 7, 2001, the adopted limitations shall be first effective in 2001.

    (4) In 2004 only, if the election is held August 3, 2004, the adopted limitations shall be first effective in 2004.

    (5) In 2010 only, if the election is held August 3, 2010, the adopted limitations shall be first effective in 2010.