Sections 3 through 7 of chapter 44B of the General Laws of Massachusetts, also known as the Community Preservation Act, establish a dedicated funding source to acquire and preserve open space, parks and conservation land, protect public drinking water supplies, and scenic areas, protect farm land and forests for future development, restore and preserve historic properties, and help meet local families' housing needs. In Middleton, the Community Preservation Act will be funded by an additional excise of one percent (1%) on the annual tax levy on real property and by matching funds provided by the state. EXCLUSIONS: If approved, the following would be exempt from the surcharge: the first $100,000 of the value of each taxable parcel of residential real property. A Community Preservation Committee composed of local citizens will make recommendations on the use of funds and all expenditures will be subject to an annual audit.