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 the Town of Monson, the Community Preservation Act will be funded by an additional excise of Three Percent (3%) on the annual tax levy on real property commencing in fiscal year 2008 and by matching funds provided by the state. The first $100,000.00 of assessed value of all class one residential parcels and property owned and occupied as a domicile by a person who would qualify for low income housing or low and moderate income senior housing in the community shall be exempt from this act. Any other taxpayer receiving an exemption of real property authorized by Chapter 59 of the General Laws shall be exempt from this act. A Community Preservation Committee composed of local citizens will make recommendations on the use of the funds and all expenditures will be subject to town meeting approval and to an annual audit.