Needham voters adopted the legislation at the November 2, 2004 Election with a 2% surcharge on real estate property tax bills with two exemptions:
the first $100,000 of taxable value of residential real property; and
residential property owned and occupied by any person who qualifies for low income housing, or low-moderate income senior housing.
The CPA requires the Town to spend, or set aside for future spending, a minimum of 10% of annual CPA revenues for each of the three core community concerns: open space, historic preservation and community housing. The remaining 70% can be allocated for any combination of the allowed uses, or for recreational projects. Up to 5% may be allocated for administrative expenses.
This gives each community the opportunity to determine its priorities for public benefit, plan for its future, and have the funds to make those plans happen.