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 farmland and forests from future development, preserve and rehabilitate historic resources including historic buildings, artifacts and sites, create and rehabilitate recreational lands including trails, playgrounds and athletic fields, and help meet the housing needs of local families and seniors. In the Town of Otis, the Community Preservation Act will be funded by an additional excise of 3% on the annual tax levy on real property to be assessed beginning in fiscal year 2016, and by annual distributions provided by the state from a Trust Fund created by the Act. The Commonwealth provides these funds only to communities adopting the Act. If approved, the following will be exempt from the surcharge (1) 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 Section 2 of said Act; (2) $100,000 of the value of each taxable parcel of residential real property; and (3) $100,000 of the value of each taxable parcel of class three, commercial property, and class four, industrial property as defined in section 2A of said Chapter 59. A taxpayer receiving a regular property tax abatement or exemption will also receive a pro rata reduction in the surcharge. A Community Preservation Committee composed of local citizens will make annual recommendations on the use of the funds, and all expenditures must be approved by Town Meeting.