The towns of Burriville and Glocester are authorized to enact ordinances which exempt from taxation real and personal property owned by a Dam Management District created pursuant to this chapter, said exemption to be limited to property that consists of the lake bed of the Pascoag Reservoir, also known as Echo Lake and property on which any dam, spillway and any appurtenant structures may be located as the same relate to the Pascoag Reservoir, also known as Echo Lake.