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.