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 enable cities and towns to (1) acquire, create and preserve open space, which includes land for park and recreational uses and the protection of public drinking water well fields, aquifers and recharge areas, wetlands, farm land, forests, marshes, beaches, scenic areas, wildlife preserves and other conservation areas, (2) rehabilitate and restore land for recreational use, (3) acquire, preserve, rehabilitate and restore historic buildings and resources, (4) acquire, create, preserve and support affordable housing and (5) rehabilitate and restore open space and affordable housing that was acquired or created with community preservation funds. If these sections are accepted, the funding sources for these community preservation purposes in Townsend under section 3(b) of Chapter 44B will be (1) a surcharge of 1.0% on the annual property tax assessed on real property and (2) annual distributions made by the state from a trust fund created by the Act. The surcharge will be assessed starting in fiscal year 2026, which begins on July 1, 2025. The following will be exempt from the annual surcharge: (1) property owned and occupied as a domicile of a person who qualifies for low income housing, or low or moderate income senior housing, as defined in the Act; (2) the real estate tax assessed on $100,000 of the value of each parcel of residential real property as defined for property tax classification purposes; and (3) the real estate tax assessed on $100,000 of the value of each parcel of class three, commercial, or class four, industrial, property as defined for property tax classification purposes. A taxpayer receiving a regular property tax abatement or exemption will also receive a pro rata reduction in the surcharge. A Community Preservation Committee will be established by by-law to study community preservation resources, possibilities and needs and to make annual recommendations to town meeting on spending the funds. At least 10% of the revenues for each fiscal year will be spent or reserved for later spending on each of the Act?s community preservation purposes: (1) open space including land for recreational uses, (2) historic resources and (3) affordable housing.