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, restore and preserve historic properties, and help meet local families' housing needs. In the Town of Burlington, the funding source for these community preservation purposes will be a surcharge of 1.5% on the annual property tax assessed on real property beginning in fiscal year 2024, and by annual distributions made by the state from a trust fund created by 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 assessed valuation of each taxable parcel of class one residential property as defined in M.G.L. c. 59 section 2A. 3. $100,000 of the assessed valuation of each taxable parcel of class three, commercial, and class four, industrial, properties as defined in M.G.L. c.59, section 2A. A taxpayer receiving a regular property tax abatement or exemption will also receive a pro rata reduction in surcharge. A Community Preservation Committee composed of local citizens will make recommendations on the use of the funds and all expenditures must be approved by Town Meeting. A Community Preservation Committee composed of local citizens will be established by town by-law to study community preservation resources, possibilities and needs and to make annual recommendations to town meeting on spending the funds. All expenditures must be approved by Town Meeting. The question is approved and the statute accepted if a majority of the voters voting on the ballot question vote 'yes.'