ADMINISTRATION OF THE GOVERNMENT (Chapters 1 through 182)
ASSESSMENT OF LOCAL TAXES
Section 25. The assessors in any city or town, may add to the amount to be assessed such reasonable amount as the commissioner may approve although the limit of taxation as fixed in any city may by such overlay be exceeded, such amount to be used only for avoiding fractional divisions of the amount to be assessed in the apportionment thereof and for abatements granted on account of property assessed for the fiscal year for which the overlay is made or of taxes in the warrant of which the overlay is a part, but any balance in the overlay account, in excess of the amount of the warrant remaining to be collected or abated, as certified by the board of assessors, shall be transferred by the board of assessors upon their own initiative or within ten days of a written request by the chief executive officer, with written notice to the chief executive officer, to a reserve fund to be appropriated for any lawful purpose; any balance in said reserve fund at the end of the fiscal year shall be closed out to surplus revenue. This section shall apply to fire, water and improvement districts.