Sections 3 to 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 from future development, restore and preserve historic properties, and help meet local families' housing needs. In Paxton, the Community Preservation Act will be funded by an additional excise of 3% on the annual tax levy on real property and by matching funds provided by the state. The following exclusions will be in effect: Property owned and occupied as a domicile by any person who qualifies for low income housing or low or moderate income senior housing in Paxton, as defined in Section 2 of said Act; and $100,000 of the value of each taxable parcel of residential real property. Any other taxpayer receiving an exemption of real property authorized by Chapter 59 of the General Laws shall be exempt from this act. A Community Preservation Committee composed of local citizens will make recommendations on the use of the funds and all expenditures will be subject to an annual audit.