Sections 3 to 7 of Chapter 44B of the General Laws of Massachusetts, also known as the Massachusetts Community Preservation Act, establishes 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 Gosnold, the Massachusetts 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 fiscal year 2012, and by matching funds provided by the state. The Town Meeting may also vote to accept one or more of the following exemptions from the surcharge, permitted under §3(e) of said Act: (i) property owned and occupied as a domicile by any person who qualifies for low income housing or low or moderate income senior housing in the Town, as defined in §2 of said Act; (ii) class three, commercial, and class four, industrial, properties as defined in G.L. c.59, §2A; and (iii) $100,000 of the value of each taxable parcel of residential real property. Any other taxpayer receiving an exemption of real property authorized by Chapter 59 of the General Laws shall be exempt from said Act. A Community Preservation Committee will annually make recommendations on the use of the funds to the Town Meeting.