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  2. Tax credit

Tax credit

Real Estate Homestead Exemption

Generally, a homeowner is entitled to a homestead exemption on their home and land underneath provided the home was owned by the homeowner and was their legal residence as of January 1 of the taxable year. (O.C.G.A. § 48-5-40) Application for Homestead Exemption To be granted a homestead exemption, a person must actually occupy the home, […]

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Tax Benefits of Homeownership

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works. Assume: $9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest) $2,700 = Property taxes (at 1.5 percent on $180,000 assessed value) ______ […]

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Elimination of Homestead Exemption in Georgia

Public reports of the removal of the Georgia Homestead Exemption have left homeowners confused and agents unsure of what to say in their annual home buyer letters. The standard homestead exemption (and other exemptions based upon age) still exist and have not changed. What has been eliminated is the money that the homeowner may have […]

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Tax Credit Extended Info

Changes to Homebuyer Tax Credit Frequently Asked Questions Homebuyer Tax Credit Changes  A message from the Atlanta Board of REALTORS: Last week, REALTORS® scored a major public policy victory when the U.S. Congress voted to extend and expand the homebuyer tax credit in order to continue stimulating the housing sector of the economy. The Senate […]

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Tax Credit Extension Seems Likely

It seems likely that the U.S. Senate will approve a deal to extend the First-Time Homebuyer Tax Credit, but the devil is in the details. Florida Democrat Sen. Bill Nelson told reporters traveling to Florida with President Obama on Monday that he thought that the extension would be approved, but both senators and representatives are […]

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Details of the $ 8,000 Purchase Incentive

This is current information comparing the previous Tax Credit and the Current First Time Home Buyer Tax Credit in place now due to the Stimulus Package signed today by the President.    Stimulus Plan First-Time Homebuyer Tax Credit: The Stimulus Plan was signed into law by President Obama. It contains a new tax credit for […]

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Home Buyer Tax Credit: How It Works

First-time homebuyers in 2008 can take an income-tax credit on their purchase, thanks to passage in Congress earlier this year of the first-time home buyer tax credit. The definition of first-time homebuyer is generous. To get the credit, the homebuyer cannot have owned a home in the previous three years. The home must be a […]

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