Building or Purchasing Virginia Homes
Are you considering purchasing Virginia real estate, if so the members of www.themarylandrealestateexpert.com at Weightman Realty can help you? We pride ourselves on staying up on the market and knowing what is going on in your area. Currently if you are considering renting or purchasing Virginia homes than you should know that on February 11th, in Richmond Virginia, the Virginia Home Building Industry decided that they would allow Tysons Corner and Reston Town Center to be exempt from a New Senate bill. This new bill will drastically change the way in which developers contribute funds for city roads, schools, and many other services. Currently the bill that sets contributions that builders make in order to construct new homes is thirty years old. In the old system the local governments would have to negotiate the amount of contribution that they would receive from a builder for such things as roads, libraries, and schools. The donation that builders make would help the local government offset the cost of providing services to this new residential real estate development. The new plan that is being proposed if passed would create a flat fee that the local government would charge for all new homes.
Currently Fairfax County, Loudon, and Prince Williams County all oppose the bill; this is one of the reasons why the development industry is exempting Tysons Corner and part of the Reston Town Center. One of the goals that the development company hopes to accomplish by exempting these two developments is to calm down the opposing counties. If this new system is passed it will allow the local governments to continue to practice the way that they have in the past when it comes to negotiating contributions from the Tysons Corner Development and the Reston Town Center development. These contributions that will be negotiated by the local government are known as proffers.
Under this new deal this states northern region government would be aloud to collect from developers a maximum of $12,500 for every new home built. This is roughly 50% more than what the bill originally proposed, in other parts of the state each new home would be worth $7,500. The local government groups which oppose this bill still believe that they are receiving the shorter end of the stick. Even with the higher fees members of the Prince William County and Loudon County government which are the fastest growing counties believe that they will still loose out on money even with receiving the higher fees. For a new property in Loudon under the current system the government would usually be receiving roughly $ 47,000, and in Prince William County they would roughly receive $ 30,000. County officials say that the money that they are currently getting from these new builds is currently not sufficient to continue to build new schools, libraries, and parks. This states Home Building Association believes that this new bill will end up helping many communities in the long run; since it will allow all new homes to be subject to fees, and not just ones where developers are seeking to change the zoning of the land.
