NAHANT – Polls are open from 7 a.m. to 8 p.m. today in the annual Town Election and Town Meeting gets under way at 12:30 p.m. to discuss 23 articles, including a controversial $260,000 override to fund Johnson School, which voters at the polls will also weigh in on.Town Meeting will also decide on a proposed $10.1 million balanced budget for the fiscal year that begins July 1.”It’s the essence of Democracy,” Town Moderator Dave Conlin reminded viewers at the Board of Selectmen meeting Thursday night. “It’s a privilege to make our own decisions.”School officials say the override will fill a budget shortfall due to a $113,000 reduction in state and federal funds coupled with a dramatic increase in special-education costs. The proposal will add approximately $189 or $3.50 per week to the average property tax bill, according to Town Accountant Deborah Waters and based on a median home valuation of $540,000.Town Meeting voters will debate a motion to accept the override “contingent upon the approval to override Proposition 21/2 as voted” at the Town Election. The override must be approved at both the ballot box and on the Town Meeting floor to be enacted. If the ballot question passes and the article at Town Meeting fails, then the Town will have to hold a Special Town Meeting if it wants to appropriate the money for the school, Conlin explained to Selectmen.Articles that include borrowing funds must pass by a two-thirds majority at Town Meeting, Conlin added. These include a $250,000 project to dredge Bear Pond and a $750,000 no-interest loan from the Massachusetts Water Resources Authority to purchase and install water meters and a meter reading system.There are nine requests for allocating Community Preservation Act funds, which are raised from a property surtax and partially matched from the state. New projects include $190,000 for a Master Plan for Short Beach Improvements and Preservation, $5,000 to improve Ellingwood Chapel and $4,000 to restore the iron gates at Nahant Cemetery.The override is the only matter for town voters to decide, as there are no contested races for town office.