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What is the Homestead Tax Credit and how do I apply? The Homestead tax credit limits the increase in the value of the actual property tax a person actually pays is computed. In Baltimore County, the current homestead cap is 4%. You receive an application to apply for the Homestead Tax credit when your house [...]
This morning, President Obama signed the tax credit extension into law, helping about 180,000 buyers who were unable to settle by June 30, 2010 to hopefully receive their due tax credit. NAR reported that around 180,000 eligible buyers were unable to settle by the original deadline to no fault of theirs, causing them to lose [...]
The Senate passed the homebuyer tax credit extension today, allowing those who were under contract by April 30, 2010 to move past the original deadline of today, June 30, 2010 to settle by September 30, 2010. NASDAQ reported this wonderful news a short time ago. The House voted in favor of the homebuyer tax credit [...]
In a last effort push, the House voted to extend the tax credit three months and the decision to be put into law is now in Senate hands. The House voted 409-5 in favor of bill H.R. 5623. This would be a welcome relief for the estimated 180,000 homebuyers who would lose out on the [...]
Up to 180,000 homebuyers may lose the tax credit if the deadline is not extended past June 30, 2010 -- and not by any fault of those buyers. NAR reports that in Maryland, that number is around 2,630 homebuyers. This is due to waiting on short sales, foreclosures, or lender delays, none of which these [...]
The tax credit extension bill did not pass in the Senate today. Those qualifying buyers who wish to receive the credit MUST close by next Wednesday, June 30, 2010.
The Senate voted and passed a proposal tax credit deadline for settlement for those who were under contract by April 30, 2010 from June 30, 2010 to September 30, 2010. This is GREAT news for buyers who are facing issues with either financing, short sales, or other issues which could have delayed their closings, due [...]
The tax credit contract deadline passed last night at midnight, so buyers who may have qualified yet were unable to get a legally binding contract in place are no longer able to get the credit, even if they settle by June 30, 2010. Though I did see an increase in the Baltimore real estate market [...]
Guest blogger, T Jeremy Loomis, Sales Manager for Wells Fargo Home Mortgage, talks of tax credit ending questions and concerns. Is it time to change how buyers view contract issues with the tax credit ending? Probably… We have seen a market recently that one would call a “buyers market”, where the buyer has more control [...]
The extended homebuyer tax credit deadline expires soon -- next Friday, April 30, 2010 to be exact. So what does this mean? Buyers who qualify and want to take advantage of the homebuyer tax credit need to have a fully executed and agreed contract BY next Friday, and settle by June 30. I expect this [...]