couriernews
HISTORIC 
Weather Updates

Hampshire lowers impact fees developers must pay

Updated: February 14, 2013 6:44AM



HAMPSHIRE — The village board on Thursday made it easier for developers to build in the village by admitting that vacant land isn’t worth as much as it used to be.

The board approved an appraisal report updating the value per acre of improved, residential real estate. That value is then used to assess how much developers have to pay in “impact fees” to the village when they build something.

“Our fees are currently some of the highest you will find in the state,” said Village President Jeff Magnussen. “We need to show developers that we are in line with today’s market values.”

Jacobsen and Associates Ltd., certified appraisers located in Sycamore, conducted the study.

A Hampshire village ordinance uses the market value of one acre of improved land as the basis for most of the impact fees assessed against new development. The current value used in the village ordinance is $131,034. The report suggested that the value of one acre of improved, residential real estate in the village is really now just $60,000.

“The result on fees is significant,” said Village Administrator Doug Maxeiner. “For a three-bedroom detached home, the total fees, excluding sewer and water connection fees, will decrease from $10,658.56 to $6,217,33. This shows a 41.7 percent decline.”

Maxeiner added that the fees established for fire, library, transportation and cemetery services are flat values and not based on the value of an acre of land.

The board decided that a land appraisal should be conducted in Hampshire every three years on an ongoing basis.



© 2014 Sun-Times Media, LLC. All rights reserved. This material may not be copied or distributed without permission. For more information about reprints and permissions, visit www.suntimesreprints.com. To order a reprint of this article, click here.