The GAR reports, “HB 261 was signed into law on May 11, 2009 by Governor Sonny Perdue! GAR applauds House Sponsor Ron Stephens (Savannah), House Ways and Means Chairman Larry O’Neal (Warner Robins) and Senate Chairman Chip Pearson (Dawsonville) for their tireless efforts in the passage of this important legislation. Unlike the federal tax credit, theGeorgia credit is not limited to first-time homebuyers, and there are no applicable income limits. The amount of the credit is 1.2% of the purchase price up to $1,800 spread over three years. The credit is only available to buyers of eligible single family residences who close between June 1 and November 30 of 2009.”
FAQ regard the Georgia Homebuyer Tax Credit.
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
About hankbailey
Member of the Athens Area Association of REALTORS®, Georgia Association of REALTORS®, and the National Association of REALTORS®. I grew up in Athens and graduated from UGA with a BBA from the Terry College. I serve as a Residential Real Estate Listing and Buyer Services through Prudential Georgia, one of the largest real estate companies in the State of Georgia. Working with first time home buyers, step-up buyers, and Relocations in Jackson, Barrow, Oconee, and Athens-Clarke Counties.
http://www.AdvancedPropertyMarketing.com (this is our listing methodology)
http://www.GetJobLossProtection.com (this is an overview of our job loss program)
• Adept at understanding mortgage financing issues, products, and terminology.
• Technical expertise in internet marketing.
• Excellence in establishing trust with clients.
Represents Prudential Georgia Property Management in the acquisition and marketing of properties for lease in the Greater Athens area.
Personal website; www.athensgahomesforsale.com
Member of GA MLS
Member of FMLS
Member Georgia Association of REALTORS®
Member of Athens Association of REALTORS®
Member of the National Association of REALTORS®
Member of the UGA Alumni Association
How much do you ACTUALLY receive of the new home buyer credit?
How much of the new home buyer tax credit will I actually receive after its taxed. My first home will be way over 80,000 dollars so I expect to receive the full 8 grand up front in January.
Nikki,
To begin with, I appreciate your sharing a question with us although I am not sure I completely understand your question. Regarding the Georgia Homebuyer Credit, qualifying homebuyers will receive up to $1800 over three years. On the Federal Tax Credit you will “actually” receive $8,000 in tax credits. This is to be allowed at some point soon by FHA to be used toward the down payment on a first time home purchase. The entire $8,000 would then be fair game to be applied toward the purchase. If it is not used for down payment, then the actual amount you receive in hand will be net of any taxes currently owed or due back to you from what you paid in during the tax year. Your CPA or accountant would be the best source on actually how much you might receive in hand.
Hank