Thursday, December 3, 2015 / by Extreme Home Selling Team
If you've ever had the pleasure (and pain) of building a new home, you understand (or perhaps not...) the Impact Fees. First, let's define Impact Fees for those who have never heard of them, paid them or simply don't understand them...
Taken directly from Sarasota County's Planning Services Annual Impact Fee Report:
1. The Philosophy supporting the use of impact fees is based upon the concepts that:
The costs required to provide new or expanded system facilities should be placed on new development creating the need for such facilities rather than the existing residents.
The provision of new facility capacity should be synchronized with new development (i.e. concurrency or adequate facilities); and
The decision to develop land should be based upon knowledge of the true cost of providing facilities and services.
2. Impact fees are solely imposed on new development. They represent a proportionate share of the cost of facilities needed to provide additional capacity to serve new development. However, impact fees might not cover all the costs of the additional capacity needed to serve new growth.
3. Impact fees are SINGLE, ONE-TIME PAYMENTS. They are not a recurring revenuce source from the same development as are assessments and taxes. Often, businesses view impact fees much like land costs rather than taxes since impact fees are a one-time cost.
4. Impact fees must be used for Capital Expenses Only - not operating or maintenance costs. For example, impact fees can be used to build libraries and buy books, but not pay salaries for librarians.
5. In Sarasota County, adopted Comprehensive Plan policies support the use of impact fees. Impact Fees are a significant portion of the County's Capital Improvement Program funding.
Sarasota County spends the Impact Fees in these General Areas: Road Infrastructure, School Board, Public Parks, Public Libraries, Emergency Medical Services, Fire/Rescue, Law Enforcement, Justice Services and General Government Services.
The total fees are now based on the square footage of the home and the type of home (Single Family, Multi-Family or Mobile Home). You can take a look at the actual report to see what your home would be valued at today!
I used the square footage of a target home that I would like to buy - 1200sf - and added the Impact Fees if it were to be built today.
The Impact Fees totaled $5,568! Here's the breakdown...
$2,208 Road Infrastructure
$1,794 Public Parks
$ 0 School Board (Two Year Suspension in effect 12/2012. Current status unknown)
$ 291 Public Libraries
$ 172 Fire/Rescue
$ 87 Emergency Medical Services
$ 149 Law Enforcement
$ 259 General Government
$ 608 Justice Services
Whether you want to build a new home or buy existing, you are making an IMPACT on Sarasota!
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