Wednesday, September 22, 1999
Developer says apartments pay their share of property taxes

A new study of Fayette County's largest property tax payers shows that one of the biggest payers is an apartment development company.

According to the Atlanta Business Chronicle, Archstone Communities, which is a prominent developer of multi-family housing, ranked as the 9th biggest taxpayer in the county.

Archstone paid nearly $225,000 in Fayette County property taxes last year.

“These figures should quickly debunk the myth that apartments don't contribute to Fayette County's property tax base,” said Bob Love, president of the Atlanta Apartment Association. “Apartments are clearly a critical part of the local economy in Fayette County.”

A recent study by Dale Henson Associates revealed a 94.9 percent occupancy rate in metro Atlanta apartment communities. The study attributed the high number to the attraction the region holds for younger people who move into the metro area and can't afford a house.

“In addition to being a significant source for county property taxes, apartments continue to play an important role in solving the region's transportation and air quality problems by creating live-work environments,” Love said.

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