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to <br /> Exhibit C. <br /> _ � - •- - �o e_���—�ese>�aii - <br /> ■ Authorizes towns to access up to 3 percent in a property tax surcharge for <br /> acquisition and preservation of open space,historic properties and affordable <br /> housing <br /> ■ Must be adopted by Town Meeting and a Prop. 21/2 override <br /> Would exempt residents aged 60 or older who meet low and moderate income <br /> guidelines <br /> ■ Voters could agree to exempt the first$100,000 in property valuation town-wide <br /> ■ Requires that at least 10 percent of each year's revenue be spent or allocated toward <br /> each of the following: open space, historic preservation and public housing <br /> • Agreement would have to be reached on how to allocate the remaining 70 percent on <br /> the three elements of the program <br /> ■ Surcharge can be established between 1 and 3 percent but only those towns <br /> charging the higher percentage are fully eligible to participate in the state matching <br /> grant portion of the Act <br /> ■ Towns must participate in the program for a minimum of five (5)years before being <br /> permitted to revoke the surcharge <br /> ■ The estimated annual revenue from the fall 3 percent surcharge is approximately <br /> $729,000 per year* <br /> ■ The estimated annual revenue from the 3 percent surcharge with the $100,000 <br /> exemption is $350,000 per year* <br /> ■ The estimated annual revenue from a 1 percent surcharge is $ 243,000 per year* <br /> * figures provided by Principal Assessor based on FY'01 valuations <br />