The purpose of this chapter is to: (1) Establish a procedure under which towns and cities may levy property taxes; (2) Provide for full disclosure of the effect of rate and base changes on property tax revenues; (3) Establish a procedure for public hearings on proposed budgets; (4) Require municipalities to adopt a balanced budget; and (5) Provide for fiscal oversight of municipalities incurring an operating deficit or an accumulated deficit in the preceding fiscal year.
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