Sections 3 to 7 of Chapter 44B of the General Laws of Massachusetts, also known as the Community Preservation Act, ('the Act') establish a dedicated funding source to enable cities and towns to (1) acquire, create, and rehabilitate recreational land, including parks, playgrounds, and athletic fields; (2) acquire open space and protect public drinking water supplies; (3) acquire, preserve, and rehabilitate historic buildings, structures, and sites; and (4) acquire, create, preserve, and support community housing to help meet local families' housing needs. In Shelburne, the funding source for these community preservation purposes will be a surcharge of 3% on the annual property tax assessed on real property beginning in fiscal year 2024, and by annual distributions from a state trust fund created by the Act. Only communities that adopt the Community Preservation Act receive a distribution from this trust fund. 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 of Shelburne, as defined in Section 2 of said Act; (2) $100,000 of the value of each taxable parcel of residential property; (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 Chapter 59. 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.