Section 3 to 7 of chapter 44B, also known as the Community Preservation Act ("Act"), establishes a dedicated funding source to acquire, create and preserve land for recreation, open space, historic resources and housing for low and moderate income persons and families and moderate income seniors. A Community Preservation Committee will be established by by-law to study potential uses of the funds and to make recommendations to Town Meeting on how they should be spent. All expenditures will be subject to an annual audit and all meetings of the Committee will be open to the public. In Groton, the Act will be funded by a surcharge of 3% of the annual property tax assessed on real estate beginning in the 2006 Fiscal Year -- at current rates, this would be about $111 per year based on a single family residential property with the median valuation of $339,741. The other source of funds would be a special state trust fund. Money from the trust fund is distributed annually to communities that have accepted the Act. Owner occupied housing would be exempt from the surcharge when the owner qualifies for low-income housing or low or moderate senior housing. $100,000 of the value of each taxable parcel of residential property would also be exempt. Any taxpayer receiving a regular property tax abatement will also receive a corresponding reduction in the Community Preservation Act surcharge. Any taxpayer receiving an exemption of real property authorized by law shall be exempt from the surcharge under the Act.