(a) The City Council shall assess such taxes upon the grand list of the City as the voters at any annual or special meeting warned for that purpose have approved for the payment of debts and current expenses of the City, for carrying out any of the purposes of this chapter, and for the payment of all State and county taxes and obligations imposed by law. The vote of the City shall be upon the specific sum of budgeted tax appropriation for the support of all City departments, grants, schools, recreation, and elders. The City Council shall establish a tax rate based upon the true grand list as appraised by the City Assessor, and shall deliver the same to the City Treasurer for computation and collection.

(b) The City shall have the authority to change the way that the annual fiscal budget is approved, enabling voters to approve the entire municipal budget instead of or in addition to voting on the budgeted tax appropriation amount. Voting on the entire municipal budget shall take effect when such process is adopted by the majority of voters at an annual or special meeting duly warned for this purpose in accordance with general law.

(c) For the purpose of assessing taxes upon the grand list of the City as provided in subsection (a) of this section, an owner whose personal property does not exceed the assessed value of $10,000.00 shall not be set in the grand list of the City as taxable personal estate. (Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014; 2013, No. 96 (Adj. Sess.), § 165; 2017, No. M-18 (Adj. Sess.), § 2, eff. May 21, 2018.)