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 farmland and forests from future development, restore and preserve historic properties, and help meet local families? housing needs. In the Town of Halifax, the Community Preservation Act will be funded by an additional excise of 1.5% on the annual tax levy on real property to be assessed beginning in the fiscal year 2026, and by annual distributions provided by the state. The following shall be exempt from such surcharge: (1) property owned and occupied as a domicile by any person who would qualify for low income housing or low or moderate income senior housing in the Town, as defined in Section 2 of said Act; (2) $100,000 of the value of each taxable parcel of residential real property; (3) $100,000 of the value of each taxable parcel of class three, commercial property, and class four, industrial property as defined in Section 2A of said Chapter 59. A taxpayer receiving a regular property tax abatement or exemption will also receive a pro rata reduction in surcharge. A Community Preservation Committee composed of local citizens will make recommendations on use of the funds and all expenditures must be approved by Town Meeting.