What Does the New Federal Housing Tax Credit Mean for You?
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000* for first-time home buyers.
But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.
$8,000Home Buyer Tax Credit at a Glance
·The tax credit is for first-time home buyers: defined as a purchaser not having owned a home within the previous 3-year period.
·The tax credit does not have to be repaid.
·The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
·The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
·The tax credit can be claimed on 2008 income tax forms even if thepurchase took place in 2009.
·Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
*visit http://www.federalhousingtaxcredit.com/ for more information
Over the past 12 to 24 months, many home owners have experienced a substantial loss of equity in their homes. It is unlikely the tax assessors will have the time needed to re-assess all the properties; and, as such the responsiblity will fall into the lap of each home owner. So if you do not act quickly you may loose the opportunity all together. In Georgia, all real property is assessed an ad volorem property tax and each county Tax Commissioner is responsible for collecting the taxes. Additionally, under Georgia law, tax payers are required to file a tax return for all taxable property owned on January 1 of each year by the designated dead line (see below).
If you disagree with your previous year's value, you should file a return. As an example: If your home is being assessed in 2008 at $300,000; but due to current market conditions the sales price on houses in your neighborhood may indicate your current market value is only $250,000. You must file the appeal by the dead line or you will loose all rights to the appeal later in the year. Also keep in mind, your appeal does not guarantee it will be accepted by the Board of Equalization (BOA). If the appeal is denied you will receive a denial letter in the mail.
Norcross, GA (February 4, 2009) --- On the heels of the County's release of another year of double digit reduction in crime for the CID, the Gwinnett Village Community Improvement District (GVCID) has announced implementation of phase 3 of their Targeted Enforcement Zone (TEZ) program by providing dedicated private security for the Gwinnett Village area.
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