Land Use & ZoningIntermediateColorado Exam
In Colorado, 'school impact fees' charged to residential developers are used to:
AA. Fund teacher salaries
BB. Fund capital improvements to public schools to serve the students generated by new residential developmentCorrect
CC. Reduce existing homeowners' property taxes, though the exact requirements can vary somewhat by jurisdiction
DD. Build private schools in new subdivisions
Why B. Fund capital improvements to public schools to serve the students generated by new residential development Is Correct
Answer B: B. Fund capital improvements to public schools to serve the students generated by new residential development
School impact fees (assessed in Colorado under enabling legislation by school districts and some local governments) are charges on new residential development to fund capital improvements needed to accommodate the additional students generated by new housing. They represent the new development's share of costs for expanding school capacity.
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Key Terms to Know
Eminent Domain
The power of government to take private property for public use, with the requirement to pay the owner just compensation.
1031 ExchangeA tax-deferred exchange allowing investors to sell one investment property and reinvest proceeds in a like-kind property while deferring capital gains taxes.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
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