September 1 is the deadline to apply for the “Senior Property Valuation Freeze Option.” The County Assessor has a web page with the requirements to qualify and a link to the application.
Resource: Cochise County Assessor
August 12, 2010
July 27, 2010
A Brave Man – Update
Yesterday we posted:
Mark Zandi is a brave person. He is a head economist at Moodys. In an address at a real estate forum sponsored by the U.S. Chamber of Commerce he said,There is no other sector in the economy that has received more support than your industry, and it’s time to give back.
Take a look at this article published today on azcentral.com. As homeowners, have we anything left to give back?
Resource: azcentral.com
Comments Off
July 26, 2010
A Brave Man
Mark Zandi is a brave person. He is a head economist at Moodys. In an address at a real estate forum sponsored by the U.S. Chamber of Commerce he said,
There is no other sector in the economy that has received more support than your industry, and it’s time to give back.
He was referring to the mortgage-interest deduction that costs the U.S. Treasury more than $100 billion a year. He sees elimination of mortgage interest and property tax deductions as a way to help reduce the deficit.
The housing market is suffering enough and this is not the time to consider such draconian measures.
Resource: REALTOR®Mag
Comments Off
July 10, 2010
Agricultural Land Assessments
We recently had an inquiry from a client regarding property taxes for agricultural use versus residential use. We checked with the county and yes, land can be assessed for agricultural use with the possibility of lower property tax.
Comments Off
June 29, 2010
Tax Credit Deadline Approaching With No Extension
Extension of the tax credit deadline may be at risk.
To qualify for the tax credit buyers had to close on the transaction by June 30. Some of the issues facing 1st time buyers include; lenders are taking a long time to decide on short sales, appraisals are low and property inspections are revealing issues
Comments Off
June 18, 2010
Deadline Extension Over First Hurdle
The Senate votes to extend the final closing date on open escrows qualifying for the 1st time home buyer tax credit from April 30 to September 30. This will give roughly 180,000 buyers likely to miss the June 30 deadline an opportunity to still qualify. The House has yet to vote on the measure. Click to read out prior post on this topic “Deadline May Be Extended.”
Resource: REALTOR®Mag
Comments Off
Tax Credit Denied?
REALTOR®Mag offers suggestions for 1st time home buyers in applying for the tax credit. If you have claimed mortgage interest on prior tax returns your tax credit may be rejected. The interest could be on a time share, mobile home or other real property yet you still qualify for the tax credit. The article provides guidance on how to be proactive if you are applying for the credit on your 2010 tax return. It also tells you how to work with the IRS if you were rejected on your 2009 return.
Resource: REALTOR®Mag
Comments Off
June 17, 2010
Home Buyer Tax Credit Ending Felt In New Construction
Home buyer tax credit expiration impacting new construction.
Building on yesterday’s post about mortgage applications being down (but up last week), the end of the home buyer tax credit is having an effect on new construction as well. REALTOR.org® had two articles yesterday. The first reported on May housing starts falling 10 percent compared to April. The second reported on home builder confidence falling.
Resource: REALTOR.org®
Comments Off
April 29, 2010
Tax Credits End, But Not For All Of Us
And speaking of home buyer tax credits, while tomorrow marks the last day to sign a contract and qualify for most of us, military service members have until April 30, 2011. Details here.
Resource: REALTOR.org
Comments Off
Pricey And Successful
That is how the home buyer tax credit program is described. Critics say two thirds of the buyers would have purchased anyway. Sen. Johnny Isakson (R, Georgia) thinks that the credits may have been the incentive to get buyers who would have purchased a home in 2012 or 2013 to buy in 2009/2010, when it was needed.
Resource: REALTOR.org
Comments Off
