IMPACT FEES OR ADEQUATE FACILITIES
TAXES TENNESSEE DISCLOSURE REQUIREMENTS
An amendment to the Property
Condition Disclosure Act
AN ACT to amend
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF
SECTION 1. Tennessee Code Annotated, Title 66, Chapter 5, Part 2, is
amended by adding the following as a new section: Section 66-5-211.
(a) In transfers
involving the first sale of a dwelling, the owner of residential property shall
furnish to the purchaser a statement disclosing the amount of any impact fees
or adequate facilities taxes paid to any city or county on any parcel of land
subject to transfer by sale, exchange, installment land sales contract, or
lease with an option to buy.
(b) For the
purpose of this section, unless the context otherwise requires:
(1) “Adequate
facilities tax” means any privilege tax that is a development tax, by whatever
name, imposed by a county or city, pursuant to any act of general or local
application, on engaging in the act of development;
(2)
“Development” means the construction, building, reconstruction, erection,
extension, betterment, or improvement of land providing a building or structure
of the addition to any building or structure or any part hereof, which
provides, adds to, or increases the floor area of a residential or
nonresidential use; and
(3) “Impact fee”
means a monetary charge imposed by a county or municipal government pursuant to
any act of general or local application, to regulate new development on real
property. The amount of impact fees are related to the costs resulting from the
new development and the revenues for this fee are earmarked for investment in
the area of the new development.
SECTION 2. This act shall take effect July 1, 2005, the public welfare requiring it.
Use TAR Form F83 for Disclosure of
Impact Fees or Adequate
Facilities Taxes
Currently the City of
Currently the City of Maryville in Blount County is the
only Local Government in East Tennessee Authorized by Local Acts to Implement
Adequate Facilities Taxes and/or Impact Fees as of July 1, 2005