(2010) 100% Veterans Homestead Exemption
The Texas Legislature recently passed HB 3613. This bill provides for a 100% exemption for the residence homestead of qualified disabled veterans. The bill also increases the amount of the regular disabled veteran's exemption for veterans who have a disability rating of 30%, 50%, or 70%. Harris County Appraisal District recently sent applications for the new exemption in a letter to all current recipients of the disabled veteran's exemption.
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(2009) LONG TIME RESIDENT CREDIT
The November 2009 legislation extends the credit to long-time residents of the same main home if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. The exact amount being credited isn't immediately clear but is believed to be approximately $6500.
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(2009) FIRST TIME HOMEBUYER CREDIT EXTENDED
(11/5/09) The new Worker, Homeownership and Business Assistance Act of 2009 has extended the $8000 FIRST TIME HOME-BUYER TAX CREDIT to May 1, 2010 (closing must occur on or before July 1, 2010).
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(2009) ECAD ak Energy Conservation Audit & Disclosure Ordinance
(June 2009) Austin, TX becomes the first Texas City requiring that before the sale of their home, owners of a 10 year or older single-family home must have an (ECAD) energy audit performed on their property. Currently it is not mandatory that home owners make energy standard improvements but it is a Class C Misdemeanor for non-compliance if you do not have the audit performed. REALTORS are uncertain at this time the lasting affects this may have on the mature home market when sellers are required to disclose the audit results. How much of an affect will this have on a sellers bottom line and Will this push more home buyers towards newer construction? Keep a close Watch
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