At least ten (10) calendar days prior to formal action taken by a town or city to amend its adopted budget when the amendment would result in an accumulated increase in total property tax expenditures of five percent (5%), the chief elected official shall cause to be published in a newspaper of general circulation a notice of a proposal to amend the town or city budget. The notice shall contain a summary of the proposed amendment stating the purpose of the proposed expenditures and the impact the amendment is estimated to have on property taxes. The notice shall be in a form approved by the director of the department of revenue and it shall constitute a notice of public hearing.
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