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.