Exaction

For other uses of the word "exact", see exact (disambiguation).

An exaction is a concept in US real property law where a condition for development is imposed on a parcel of land that requires the developer to mitigate anticipated negative impacts of the development.[1] The rationale for imposing the exaction is to offset the costs, defined broadly in economic terms, of the development to the municipality.[2] Exactions are similar to impact fees, which are direct payments to local governments instead of conditions on development.[3]

  1. ^ Casner, A.J. et al. Cases and Text on Property, Fifth Edition. Aspen Publishers, New York: 2004, p. 1221
  2. ^ Caves, R. W. (2004). Encyclopedia of the City. Routledge. p. 246.
  3. ^ "Exactions and Impact Fees. University of Florida Levin College of Law" (PDF). Archived from the original (PDF) on 2011-07-16. Retrieved 2010-07-21.