Adequate Schools Facilities Tax Update
| About once a week, I'll have someone asking me about
the county Adequate Schools Facility Tax. This was the tax passed back
in 2006. This is a one dollar per square foot tax charged on all new
residential development within the county including within the cities.
All of the revenue from this tax must go to the school systems and can
only be used for maintenance, construction or debt service. The idea of
the tax was to provide schools with additional revenue from the
residential development that would likely add additional costs to the
local school systems.
As you can see from the chart below, since inception, the ASFT has raised $18,035,157.00. Loudon County voluntarily donates a portion of the ASFT to the Lenoir City School system. For the nearly 20 years the ASFT has been in place, it has generated a lot of additional revenue for the two school systems allowing for many smaller projects and maintenance work to be done without forcing the school systems to spend other revenues for those needs.
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2/17/25
