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On May 11, 2009 Governor Sonny Perdue signed House Bill 261 into law allowing Georgia Residents to receive a $1,800 Tax Credit on homes purchased between June 1, 2009 and Nov 30, 2009. This tax credit is not limited to 1st Time Homebuyers; it is for All Georgia Residents purchasing a single family home or condo used as primary residence after June 1, 2009 and no later than Nov 30, 2009.

Only certain homes qualify for the $1,800 Tax Credit -

1) the home must be on sale prior to May 11, 2009 and still for sale OR

2) must be in default on or before Mar 1, 2009, or already foreclosed and held by a bank or mortgage company.

The Georgia Tax Credit is $1,800 or 1.2 percent of the purchase price whichever is less. The Georgia Tax Credit can be claimed on end of year Georgia State tax return over 3 year period including 2009, 2010, and 2011. Total tax credit allowed in a single tax year shall not exceed the taxpayer's income tax liability or one-third of the total amount of the credit allowed.

The $1,800 Georgia Tax Credit can be used in addition to the 1st Time Homebuyer Tax Credit as the two tax credits are completely separate and neither affects the other.

This means that 1st Time Homebuyers who are a Georgia Resident can receive up to a total of $9,800 total in Federal and State tax credits if they purchase a home that qualifies for the Georgia State Tax credit within the next 6 months.

So I say to you, "Just what are you waiting for?  Great tax incentives, low interest rates, and super pricing with home sellers competing for your purchase....call me NOW - let's get out there and find you a home!.  Truly, can it get any better?"

Joan Macaluso - Realtor (=professional) 678 508 6811 cell

During 2008, many home builders struggled to sell their standing inventory, as home buyers feared dropping prices may have them over paying, or that the builder would go bankrupt before they could close on their purchase.

Due to the current economy and revised lending practices, there has also been an extremely limited number of new starts in the new homes arena.  This means a limited number of new homes and new homes communities have come on the market.  This is good news, in that it increases competition and decreases the number of homes available for sale, which will in turn speed the recovery of the housing market.

Metrostudy’s Atlanta division has confirmed this with their recently released first quarter report which concludes inventory at a nine-year low, with only 20,657 units under construction or finished and vacant in the 22-county metro Atlanta region.

I have been visiting some new homes communities and have seen the sales upswing.  I love to see consumer confidence come back!!  There are still good values and with the 1st time buyer tax credit paired with interest rates, it truly is a GREAT time to invest in yourself by buying a home.

The Governor signed SB 55 last week giving protection to property owners in the property tax assessment process. SB 55 requires city and county tax assessors to consider foreclosure sales, bank sales, distressed sales, or any combination thereof, of comparable real property when determining the fair market value for property tax assessments.

Property owners across the state have seen the value of their homes decrease due to direct competition with undervalued foreclosure and distressed sales. SB 55 aims to protect property owners by requiring the tax assessor’s office to consider foreclosure, bank, and distressed sales during the valuation process helping to ensure the tax digest reflects recent fluctuations in the market and property owners pay ad valorem tax based on actual fair market value. For more information on SB 55, click here: http://www.legis.ga.gov/legis/2009_10/sum/sb55.htm

This means that when you get your property tax assessment, and want to dispute the assessment you can use foreclosure sales, short sales, etc as comparables to argue your case to the tax assessor's panel.  Remember, you have a small window of time to object once you receive the assessment.  The assessment usually comes out before your bill.  Once you send written objection, the panel will set a date for review - in which you meet in person to plead your case.

Better news:  Even if you lose your case and the assessment remains, in Fulton County, they freeze your tax assessment for 2 years.  So, it can be advantageous to take the time to object in interest of your future taxes.

Are you looking to buy a foreclosure but lack the cash after closing for repairs or cosmetics?  Well, I may have the solution for you!

Yes, today's foreclosures are not all like the beaten, worn, and run down homes of the past.  Many are close to live-in condition - just needing appliances, fixtures, and new flooring.  But depending on the size of the home, this could cost $10-$20k and with no 100% financing, you need your cash for downpayment.  So, what to do?  Miss the opportunity of sweat equity?  Borrow on high interest of a credit card?  Well isn't some of this what put the economy where it is????? 

Don't get into higher debt with high interest rates!  Use the REMODEL EXPRESS to purchase your home.  Get great interest rates, 1st time buyer $8,000 tax credit if you are a 1st time buyer, and get the money to update/renovate!  You can get up to $35,000 in repair funds, as part of your mortgage and have an approved contractor too! - Yes, no need to shop for a reputable contractor.....your lender has already done that work for you and will hold their feet to the fire until the work is done and you are satisfied.

Do you want to know more?  Ask me.  joan@intownfocus.com 678 508 6811  I will represent you in finding and purchasing the right property and connect you with the lender that can make this a reality.