I’d like to propose (for illustration only) a new agency for Fulton County. We will call it the Fulton County Residential Authority(FCRA). This authority will do for residents what the Fulton County Development Authority(FCDA) does for businesses.
Fulton County needs to attract some of the best and brightest residents out there who are looking for new homes. There are many attractive locations, and it would be in Fulton County’s own best interest to attract them here.
We can attract them by helping them get the financing they need for their homes. We will help them to float bonds for their residences, and offer tax incentives for those that are willing to purchase those bonds.
Current residents that are already in their homes?
We will offer you a hearty thank you. Thank you for not questioning our actions.[read more=”Read more” less=”Read less”]
Thank you for continuing to pay the full taxes on your property.
Thank you Thank you Thank you. (If you are one of our valued residents come in and chat-we may be able to work a favorable deal for you as well)
We will also offer through the FCRA property tax breaks for you that will lower your cost of residency during your first ten years. We will lower your property taxes by 50%, and then slowly increase your taxes over the years. And if needed to keep you happy, we will work with you to help lower those taxes in other ways as well. We are here for you.
Current residents that are already in their homes, and paying the full tax rates without any abatements-once again we offer you a hearty thank you!
Once a month, the FCRA will get together and look over the list of those who have applied for an inducement to have their residence within Fulton County. We will be evaluating you based on what you say will be the benefits of having you here.
Are you a high income earner and will be spending dollars? There’s a plus.
Going to be hiring a maid and lawn care and nannies? Babies on the way? Greater purchases of goods and job creation is always a plus.
Building a new home versus a resale? Even better. Raw materials purchased. Building permits and inspections. More jobs.
So we invite you to apply. Make your case. Help make Fulton County a better place for all. Your FCRA will make the right choices picking the right new residents for Fulton County.
For those current residents who will be living besides our beneficiaries of the FCRA, do not be concerned, upset, or feel cheated. These new residents will add value. They are bringing in new construction projects, jobs, and other intangibles.
We assure you this will not lead to overbuilding or speculation in our markets. Do not look at these new residents as getting a tax break at your expense. Look at it as incremental revenue that we will spend on behalf of everyone.
Let’s create the FCRA and do for residents what we are doing so well for our business community!
Now that you have a sense of how the Fulton County Residential Authority might work, you can see why I would oppose the Fulton County Development Authority.
It picks winners actively and losers passively. Current businesses pay more taxes than those that make deals with the FCDA.
It encourages speculation and overbuilding.
My list is long as to why I think the FCDA is a bad idea. Despite the fact that “everyone has or wants a development authority”, it artificially stimulates demand for commercial space. It also comes with a price: Property Tax Abatements.
Treat everyone and every business equally. If the idea is accepted that lower taxes stimulate(as the FCDA can affirm by why it does what it does), then lower taxes across the board for EVERYONE.
Lower business taxes for everyone. It’s the only equitable way to do business.
If you create a business environment that benefits ALL participants then that is the single best thing you can do.
Do not penalize current businesses by giving newcomers better deals and tax breaks.
It’s just that simple.
If you create that sort of environment for your businesses, you will not have to “induce” them to be in your community. Instead, they will beat a path to your community, and everyone will benefit.