Real Estate Taxes, Tax Credits
& Other Rebates
This is an area that changes by the minute. That is a fact, not a figure of speech, so, be sure to get the latest update from your mortgage professional. Currently, the Federal Government is giving first time (and first time in a long time) homebuyers an $8,000 tax credit . Plus, many move-up buyers are eligible for a $6500 tax credit. The credits are sure to help make your home purchase easier and are a welcome assist right when we need all the help we can get. The tax credit can be applied to closing costs or to the down payment and does NOT ever need to be paid back as long as you stay in the house for three years. (Military and a few others do NOT need to stay the 3 years). Free money, just for the asking! The only “catch” is that your purchase must be Under Contract by April 30, 2010 and must be 100% completed before June 30, 2010. This is a government program with rules, regulations and fine print, so the National Association of Homebuilders made up a really good web page that puts the whole program in the most simple terms possible. Go to it here: http://www.federalhousingtaxcredit.com/.
There are government tax credits available for using super efficient "green" water heaters, furnace systems, windows, roof shingles and a whole host of “green” building materials. In addition, local utilities frequently offer rebates if you install certain types of energy efficient equipment. Your tax advisor is the best source of up-to-date information on tax credits and your HVAC contractor usually knows what is available from the utilities.
Put it all together and the right mix of circumstances could provide you with over $20,000 worth of incentives and tax breaks. Who can say "No" to that?
Credits, rebates, rules & regulations--it all changes so rapidly it is almost impossible to keep up with. Real Estate News is our source for the most current data and gives you a daily dose of the latest happenings in this marvelous and ever-changing real estate industry.
As for Real Estate Taxes, you pay them whether they are a line item on a bill, included as part of your apartment rent or are just one element in the cost of the hot dog you ate for lunch. Property owners, however, have the luxury of knowing exactly how their property is assessed and of protesting to their local tax commission if that valuation seems incorrect. The hard part is convincing the commission that they are wrong and you are right. You can only "win" with hard facts. Commissioners will usually make adjustments if you can support your contention with specific facts and figures about comparable properties. Speculation about what "ought to be" will not take you far. Zillow.com is a good source of factual information. Click on this link for a great tutorial on using Zillow for your research: http://www.youtube.com/watch?v=_B-CtGEM6k0
The Carol Team is happy to answer your real estate questions, just call us at 404-966-7878. www.TheCarolTeam.com is always a great source of the latest information.
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