THE HUNTER REPORT
Adequate Facilities Tax UPDATE
School Construction & Renovations
BY: Pat Hunter
Recently, I was asked how much money has the Adequate Facilities Tax generated and collected?
In 2006, Loudon County Commission passed the Adequate Facility Tax (AFT).
The AFT levies a $1-per-square-foot tax on all new residential development.
Revenues generated from the AFT are earmarked for school construction and renovations.
Revenues are split between Loudon County schools (85%) and Lenoir City schools (15%).
As of December 30, 2009, AFT revenues collected thus far:
Fiscal Year Total Revenue
06-07 $ 3,123.00
07-08 $ 400,015.00
08-09 $ 660,671.00
09-10 $ 457,570.70 (July 1, 2009 - Dec. 30, 2009)
Total collected: $ 1,521,379.70
The fiscal year begins July 1 and ends June 30th.
Source: Loudon County Trustee