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 Marblehead, the Community Preservation Act will be funded by an additional excise of one (1) percent of the annual tax levy on real property and by matching funds provided by the state. The following are Exemptions or Exclusions from such surcharge: (a) property owned and occupied as a domicile by any person who qualifies for low income housing or low or moderate income senior housing in the Town; (b) $100,000.00 of the value of each taxable parcel of residential real property. The surcharge to be paid by a taxpayer receiving an exemption of real property authorized by Chapter 59 of the General Laws or any other law shall be reduced in proportion to the amount of such abatement. 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.