Land Use & Zoning
In New Mexico, 'exactions' and 'impact fees' charged to developers by municipalities are:
AIllegal under New Mexico law
BCharges designed to offset the public infrastructure costs created by new development✓ Correct
COptional contributions at the developer's discretion
DFederal taxes on new construction
Explanation
Exactions and impact fees are charges imposed on new development to fund the public infrastructure (roads, schools, parks, utilities) needed to serve the new development. They must be rationally related to the development's impact.
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Key Terms to Know
Closing Costs
Fees 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.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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