Chatham County, reacts to transfer tax vote - increased impact fees
The Chatham County N.C. Board of Commissioners has addressed the need for more money for schools by increasing the school impact fees from $2,900 to $3,500, the maximum amount allowed. The Board also approved a new impact fee study, which will be underway within the next few weeks. The new study will likely result in a maximum level well above the present $3,500 limit.
According to Board Vice Chairman George Lucier, it is the commissions’ responsibility to “put fees and regulations in place to assure that the county is not overwhelmed by growth.” He also stated that the board has very limited options to pay for schools. According to a press release, “an increase in annual property taxes is the only other option currently available to county commissioners.”
http://www.chathamnc.org/index.aspx?recordid=265&page=19
John Shaw
11/25/07
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Hope you'll keep us posted on how this unfolds.
Lots of communities would try to reset property values right about now . . . but it's a hard time to do that the way the real estate market is tanking these days.
The bad real estate market now
The bad real estate market now may make it a better time to pass impact fees. These will only tax developers and people building new houses and could increase the value of existing houses.