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, preserve and support community housing; (2) acquire, preserve and create open space, which includes land for parks, recreational uses, conservation areas, and the protection of drinking water supplies, and the rehabilitation of local parks, playgrounds, and athletic fields; and (3) acquire, preserve and rehabilitate historic buildings and resources. In Worcester, 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 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 City of Worcester, as defined in Section 2 of said Act; (2) $100,000 of the value of each taxable parcel of residential 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 Chapter 59. A taxpayer receiving a regular property tax abatement or exemption will also receive a pro rata reduction in surcharge.