(a) Upon passage of the budget by vote of the Town, the amounts stated therein as the amounts to be raised by property taxes shall constitute determination of the amount of the levy for the purpose of the Town in the corresponding tax year and the Selectboard shall levy such taxes on the grand list furnished by the assessor for the corresponding tax year.
(b) If the voters do not approve a Town budget by the first day of the next fiscal year, the tax rate of the previous year will prevail.