In May 2004 the Annual Town Meeting voted to accept the provisions of M.G.L. chapter 44 B, Sections 3 to 7, known as the Community Preservation Act, which establishes a special Community Preservation Fund that may be appointed and spent for certain open spaces, historic resources and affordable housing purposes; to approve a property tax surcharge of up to two (2) percent of the taxes assessed annually on all real property for fiscal years beginning on or after July 1, 2004, and to exempt from the surcharge the following: (1) property owned and occupied as a domicile by a person who would qualify for low income housing or low or moderate income senior housing in the community and (2) $100,000 of the assessed valuation of Class One residential parcels.