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

 

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