Plain English Breakdown
The bill summary does not provide specific dollar amounts for each allocation, only percentages which need to be converted from fractions.
Cheatham County Development Tax Allocation Act
This act changes how the Cheatham County Development Tax is allocated to specific funds.
What This Bill Does
- Changes how the Cheatham County Development Tax, also known as an impact fee of $7,500, is allocated.
- Requires that approximately $3,500 from the tax goes into the county's Education Debt Service Fund.
- Specifies that another amount equivalent to about $3,500 must go to a reserve fund within the Education Debt Service Fund for school building projects.
- Allocates approximately $500 of the tax to the Highway and Public Works Fund.
Who It Names or Affects
- Cheatham County residents who pay the development impact fee
- The Cheatham County government
Terms To Know
- Impact Fee
- A charge paid by developers or property owners to cover costs related to new construction.
- Education Debt Service Fund
- A fund used to pay for school-related debts, such as building and renovation expenses.
Limits and Unknowns
- The changes will only take effect if approved by a two-thirds vote of the Cheatham County legislative body.
- The exact percentages allocated are not specified in plain terms but are detailed as fractions (46.67% and 6.66%).