North Atlanta Real Estate Voice

Archive for the 'General Info' Category

$15,000 Housing Tax Credit Cut From Stimulus Bill

In an effort to get the Republican support needed to pass the Stimulus Bill, the size of the bill had to be reduced to under $800 billion.  One of the victims of this reduction was the $15,000 tax credit introduced by GA Senator Johnny Isakson.

The revised bill still includes an $8,000 tax credit (up from the $7,500 credit currently in place) and also removes the payback requirement.  However, the tax credit is now only available to first-time homebuyers which includes anyone who has not owned a home in the last three years.  The credit will be available until the end of November 2009.

Some good news is that it appears that the high loan limits for Fannie Mae and Freddie Mac are still included as well as FHA loan guarantee programs.  The higher loan limits will raise the ceiling on what is considered a “jumbo” loan and allow people in higher priced areas to not be penalized with a higher interest rate or limited loan availability.

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Georgia House Passes Bill To Freeze Property Tax Increases For Two Years

In an effort to help homeowners, the Georgia House passed a bill that would ban property tax assessments for the next two years with the hope of keeping property taxes down.  The bill would not lower taxes but basically hold them in place for the two year period.  The challenge is that many cities are under increased pressure to collect revenues and this bill may cause more budget cuts in cities, counties and school districts.

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2009 Housing Stimulus Amendments and What They Mean To You

Stimulus, stimulus, stimulus.  It seems that Congress is finally going to do something that actually help the American people and economy.  Right now, several stimulus packages are being debated.   Here are the current amendments being considered:

$15,000 Tax Credit

This amendment was offered by Senator Johnny Isakson (R-GA), with Senator Joe Lieberman (I-CT) as a co-sponsor that would extend and expand the home buyer tax credit.
As it currently stands, the Senate has voted and passed an amendment to the economic stimulus package that will give up to $15,000 tax credit towards a new home.
The proposed amendment details are as follows: READ THE REST OF THE STORY

Real Estate Capital Gains On The Sale Of Your Home

This is a topic I find that many homeowners are confused about.  The law changed in 1997 but many people remember the old law that had a lot of limitations on when you could be exempt from capital gains.   The “new” law, The Taxpayer Relief Act of 1997, allows for an exclusion of up to $250,000 in profit if you are single and $500,000 if married. In order to be eligible you must have lived in your home for two of the last five years. Again it must be your personal residence and can not be an investment property.

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Attention North Atlanta Home Buyers and Sellers: January is National Radon Action Month

The Environmental Protection Agency has designated January as National Radon Action Month. Officials encourage all residents of Atlanta, Georgia to test their homes, since this is the only way to know if you have high levels. Radon is the second leading cause of lung cancer in the United States, after tobacco smoke. Radon is an odorless, invisible and tasteless gas released by the natural decay of uranium in soils and rocks that easily enters into homes.

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Cobb County Goverment 2008 Annual Report Cites Accomplishments and Focus On The Future

One of the nice benefits of living and working in Cobb County is our effective county government.  Cobb has one of the areas lowest tax rates yet still manages to be on the cutting edge of services and programs.  The County Commission consists of five District Commissioner and one Chairman.  Together, they have continued to make Cobb County one of the best areas to live in metropolitan Atlanta.

The Commission just released their 2008 Annual Report.  Here are some of the highlights:

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Atlanta Ranked As One Of The World’s Top Cities

New Global Cities Index Ranks 60 Global Cities
Based on Quality-of-Life Factors

Source: Metro Atlanta Chamber of Commerce

Atlanta is now recognized as one of the world’s most global cities, according to Foreign Policy magazine.

While New York, London and Paris are still considered the world’s most global cities, the list reveals that top-ranking cities face strong competition from growing global cities such as Beijing, Moscow, Shanghai, READ THE REST OF THE STORY