Florida homeowner tax breaks upheld in court

Homeowners in Florida benefit from a provision called 'Save Our Homes' which prevents the amount taxed on their primary residence to rise more than 3% a year. This benefit has helped long time homeowners realize significant tax savings that otherwise would have made it impossible for many to stay in their homes during the recent housing boom of rising home values. Last year the legislature passed a law allowing homeowners to 'port' these savings when they buy a new primary residence in the state. Some challenged the law.

The courts weighed in and homeowners win. See this article from the Florida Association of Realtors. If you want to know your tax savings if you are considering a move, contact me.
Court again upholds Fla. homeowner tax breaks

Here is the link http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=227198
TALLAHASSEE, Fla. (AP) – Nov. 18, 2009 – An appeal court Tuesday rejected another challenge to state constitutional amendments that give property tax breaks to Florida’s primary homeowners, but not to owners of second homes.

Rates below 5%, tax credits for homebuyers extended and expanded.

It is my goal to stay up to date on all the changes in real estate to share with my clients and customers so that they can make informed decisions when buying and selling real estate. It is a great time to buy. It is a challenging time to sell. This year I have sold 9 of my listings and have 3 more under contract. Home sellers: Ask me how.

Considering moving to a larger home or moving?

It truly is fine times for home buyers. The $8,000 for new homebuyers was extended and $6500 for homebuyers who were in their home for more than 3 years was added.

Click on the link below for the brief issued by the National Association of Realtors that explains who qualifies and other details.
http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

The link below is an article from the Florida Association of Realtors on interest rates for home loans.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=226861

Homebuyer Tax Credit passes House and Senate

This just in from the Florida Association of Realtors... WASHINGTON – Nov. 5, 2009 – The $8,000, first-time homebuyer tax credit has not yet been extended beyond its Nov. 30 end date, but it’s very close to gaining a longer life.The extension was added as an amendment to an existing bill, HR 3548, that extends unemployment benefits. The U.S. Senate passed that bill on Wednesday and, after debate, the U.S. House passed HR 3548 this afternoon. It now needs only President Obama’s signature to become law, and the White House has indicated it will sign it, perhaps as early as tomorrow. Until the president signs the bill, however, it is not law.In addition to extending the tax credit for first-time homebuyers under the current rules, the bill adds a smaller tax credit for move-up homebuyers who have lived in the house for five of the past seven years. The bill also increases the income limits of homebuyers from $75,000 (single) to $125,000; and from $150,000 (married) to $225,000.Florida downpayment assistanceAfter the president signs the bill and extends the tax credit, the Florida Homebuyer Opportunity Program – a downpayment and closing costs assistance program relating to the federal tax credit –automatically gets extended too. The state still has about $28 million available for homebuyers. The money is essentially a loan to first-time buyers; they receive it upfront, use it for a downpayment or other costs, and pay it back once they get their federal refund.For more information on the Florida Homebuyer Opportunity Program, visit the Homebuyer Center on floridarealtors.org: http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm