Ordinance No. 6 Does Not Make Sense
If increasing our tax burden isn’t bad enough, Ordinance No. 6 will also hurt our economy. Funding from an increase on our earned income taxes will be used by the township to fund purchasing land development rights, discouraging potential economic growth. It just doesn’t make sense.
In fact, new development not only provides new tax revenues for municipalities, but it also provides economic stimulus through job creation. For example, a 100 single-family home project can generate the following for our region (please see full economic impact studies below):
- $30 million in local income and tax revenue
- 431 local jobs
- $5 million in local income and tax revenue
- 66 jobs
Without these increased revenues and economic development, we worry that property owners could face rising property taxes in the future, as costs presumably will continue to rise.
Check out these additional studies from the National Association of Home Builders showing that over time, development projects increase revenues.