Although the rising costs of land, building materials, and labor are already impacting the residential construction industry, a new tax that Williamson County commissioners are considering could make both building and buying a new home in the area a bit more expensive.
With the population of Williamson County expected to double within the next 15 years, officials are looking for new ways to accommodate the projected 11,000 new students expected to join the school system during coming years, and levying a new “impact fee” on new construction homes is one option being throughly examined.
According to reports, the one-time fee would be solely based on square footage, and for reference, a new 3,000 square foot home could command a $10,000 tax. Revenues from the impact fees would go directly into the Williamson County School District, which is planning to spend an estimated $1 billion on new schools over the next 20 years.
The good news for existing Williamson County residents is that the new impact fee would be a much-welcomed alternative to raising property taxes, which already spiked by 15.5% last year alone. As noted in multiple news outlets, the county commissioner strongly feels the new fee won’t stop growth in the area, and even went as far as saying it won’t even slow the growth being felt all throughout the county right now.
As you might expect, local home builders are resisting the new home construction tax, claiming the entire county should be responsible for paying for new schools, not just one sector of the local economy.
