There is a lot of controversy on the lowering of Residential Impact Fees for Hernando County where the builders have been hit hard by our economic times. Here's both sides of the coin:
The builder's in this County have been at a stand still since the market decline and are hanging on by a thread with the hopes that through all this, something will be done to help them resume new construction. Many people feel that lowering the impact fees to $4800. for residential new construction is ridiculous considering the number of distressed properties we have on the market with no end in sight. Moving the exsisting short sales and foreclosures we have now seems like a never ending process, but I can say these homes are moving substantially faster and with many buyers out there. This is not creating any new jobs that we need so desperately.
On the other hand, if the impact fees are reduced to a 2001 level at $4,800, buyers wishing to build their new home would not only get the Builders going but also, roofers, drywallers, electricians, plumbers, landscapers and many retail stores such as Home Depot, Lowes. So lowering the impact fees not only affect "The Builders" here in Hernando County, but could create numerous local jobs...which is just what we need to continue growing here on the Nature Coast of Florida!
Impact Fees for Commercial and Industrial builders will be discussed at a hearing on November 10th that would allow them to defer payment of impact fees that total in excess of $25,000 for up to three years with a nominal interest rate. Payment of the total impact fee plus interest would be due in full at the end of the deferral perod but not longer than the three years. Hernando County Officials hope it would encourage both large and small businesses to relocate here.
If we make it a little less costly for buyers to build their dream home, (with the cost of land to build on at an all time low) it will create many new job opportunities which will lower our unemployment rate substantially, therefore people will begin moving into our area again instead of moving out!
What's your opinion on impact fees? We want to know. Have a great day and enjoy!