Friday, January 12, 2007

Fayetteville, Road Impact Fees, Part 2

I attended the Street Committee meeting, Thursday night. I'm sure glad I did. Developer Charlie Sloan introduced Steve Davis, a consultant,who is working to get legislation for cities to collect a Real Estate Transfer Tax. Davis explained what they were hoping to do and what the tax could do for Fayetteville. I was totally off based on what the Real Estate Tax meant. I thought they were attempting to raise my real estate tax. Hey, you learn something everyday! The Real Estate Transfer Tax is collected only when a property is sold. I'm unsure who pays the tax, the buyer or the seller. Anyway, I'm interested in finding more about the tax, when and if the legislature would pass it. Davis did say that at this point, Fayetteville is the only city looking at the Real Estate Transfer Tax. Maybe the City Council can wait on Impact Fees and see if this legislation will give them more options.

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