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NEWS & ISSUES - Affecting You!
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This PAGE has been dedicated to NEWS & ISSUES affecting real estate - which in turn affects YOU. It is my job as a real estate professional to provide you with as much valuable information as possible. It is essential that the buyer or seller be aware of all aspects of the real estate market before making a major decision.
(Disclaimer: this information is not intended to reflect my opinion on the issues-it is informative in nature only)
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(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) 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) 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) 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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(2009) IRS says... First-Time Homebuyers Have Several Options to Maximize New Tax Credit
(March 2009) The Treasury Department encourages taxpayers to explore these options to maximize their credit and get their money back as fast as possible. “The new credit can get money in the pockets of first-time homebuyers quickly,” said IRS Commissioner Doug Shulman. “For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they’ve already filed their tax return.”
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(2009) 2009 First Time Home Buyer Tax Credit
(February 2009) The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. Form Used to Claim the Credit - http://www.irs.gov/pub/irs-pdf/f5405.pdf
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