Great news! There’s a big push from legislatures and businesses to increase and extend the current homebuyer tax credit. A number of bills have been introduced into the legislature. Some of the tax expansions include increasing the homebuyer tax credit from the current $8,000 to $15,000, extend the tax credit time frame from the end of the year, 2009 through to mid 2010, opening up the tax credit to all homebuyers and providing a $3,000 credit to homebuyers who refinance.
Category Archives: Economy
Home buyers in the Jupiter and Juno Beach areas should be aware that there is now a tax credit equal to 10% of a homes purchase price for up to a maximum of $8,000 available with the new Federal Housing Tax Credit that was just passed by Congress.
Homes that are purchased between January 1, 2009, and December 1, 2009, are eligible. Previously know as a “first time buyers credit,” it is, in fact, a credit that is also available for anyone that has not purchased a home in the last three years.
The biggest change between this $8,000 credit and the previous $7,500 tax credit is that this one does not have to be repaid.
The tax credit can be claimed on your 2008 income tax forms even if the purchase took place in 2009. Single tax payers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
With the combination of local home prices at very low levels and really good mortgage rates that are available, should give a number of local residents a push into the housing market.
There are many homes that are on the market in Jupiter and Juno that may have once been considered “out of reach” are now very affordable.
We have enjoyed living in this area and have made it home for our family. We would not consider ever leaving. We hope that you feel the same way and get the opportunity to buy a home here and make it yours too!
For more information on this program and others that are available, contact a local Realtor®.
We’re beginning to hear positive reports from the news media about the housing market. Especially here in Florida. Jim Cramer from The Street in a recent video was comparing real estate to stocks, he positions Florida as the “template” for how the housing market will unfold for rest of the nation. Florida was one of the first and worst states hit hard by the housing market. Now rebounding, Cramer credits the low housing inventory for its turnaround. Building ceased two years ago and purchases continued to help dry up the inventory.Vodpod videos no longer available.
The following article is from the Town of Jupiter’s December newsletter, The Town Times. The Super Exemption is a hot topic here in Jupiter, as I’m sure it is all over Florida. For more information, you can view our previous post, Residential Homestead Property Tax Simulator for Florida. Susanne Quirk
Voters in this January’s primaries will be making important decisions impacting the future of our National Leadership. But in Florida, voters may also be determining the future of our Property Tax system – the so-called “Super Exemption” for homesteaded properties.
Recently, the super-exemption ballot language came under fire when challenged in court. The Judge ruled that as stated, it was unconstitutional and confusing to voters. However, with special sessions fast-approaching, it is likely that this language will be revised and some form of the amendment will be on the January ballot.
If passed as outlined, the super-exemption will provide tax-payers with the option to move to a new formula for determining their Homestead Exemption. Under the current program, Homesteaded properties in Florida receive a $25,000 exemption. Under the new, proposed super-exemption, the amount would not be fixed, but would be determined based on the value of the property.
In some tax-payers’ cases, this would provide additional tax savings now and for some time into the future. However, some taxpayers may find the current system is more beneficial. Because of this, the Legislature added an exception, but it carries a “no turning back” provision. Florida residents who prefer the current system can elect to stay with it, but once they register under the new, super-exemption they cannot turn back to the old.
The Town of Jupiter has created a tax calculator on its web-site to help residents understand the potential impact to the Town’s portion of their tax bill. And the Palm Beach County Property Appraiser’s site has information on current property values, and a program to help calculate the impacts of future changes. The Florida House of Representatives and the Florida Senate websites are also good resources for following the Property Tax Reform debate.
With the recent court ruling and the potential for more changes to the amendment, it is more important than ever for Florida voters to be informed when they go to the polls in January. Whether you own a Homesteaded property now, or intend to in the future, it pays to understand the potential impacts of a super-exemption on your individual household, and your local government.
Visit the Palm Beach County Appraiser’s website to calculate the impact of the homestead exemption to your property. You will need to find your current property value by doing a Records Search. Then click on the “Taxable Value Calculator”. For Property Tax Reform information, click on “Proposed Property Tax Reform” from the homepage.
Visit Florida House of Representatives to view Florida Property Tax Relief and Reform Documents.
For more information on tax reform you can visit the Florida Senate Finance and Tax Committee.
I came across a couple of tax simulators created for the Florida Association of Realtors. The first simulator is a property tax simulator that will allow you to calculate your taxes under the newly proposed Super Homestead and the current Save the Homes tax system. It allows you to enter specific information based on your personal situation and will analyze which tax system would work best for you.
The second simulator helps you to determine if your taxes would be lower with the proposed Super Homestead. The tax reform is slated for the January 2008 ballot.
The current property tax situation has many people caught in a quandary. When originally proposed and approved, the Save our Homes idea was well received. I don’t know anyone that could have imagined back then, how our property values would have appreciated. The good news is most all homeowners have had tremendous equity improvement in their homes. The bad news is what your new tax would be if you bought a new home.
Our elected officials MUST come together and approve a major form of relieve to allow the residents of Florida to keep their property taxes affordable, to allow residents to move buy new homes with some form of portability and to get our economy moving in the right direction.
Many of our local builders, contractors, mortgage underwriters and other friends and neighbors that were employed in the housing sector have been devastated by layoffs and company closings. A tax bill that offers true relief will kick start our local economy, create many new jobs and get some of the old ones back.
Please contact your public officials and get them to get on board and get us all some “real” relief.
Lets talk…Are you for or against the proposed changes? Give us your thoughts.