Land Use & Zoning
Florida's 'transportation impact fees' charged to new developments are intended to:
AFund existing road maintenance in established neighborhoods
BEnsure new development pays its proportionate share of the cost of transportation infrastructure needed to serve that development✓ Correct
CCompensate homeowners near new developments for increased traffic
DReplace ad valorem taxes for commercial properties
Explanation
Impact fees require new development to pay for its proportionate share of public infrastructure costs it generates. Transportation impact fees specifically fund road capacity improvements needed due to the new development's traffic generation.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
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