If you purchased a home in 2009, it is time to file for your Homestead Exemption.  This will result in a savings on real estate taxes for your home.  The rule is that you must live in the home on January 1st of the year you file for the exemption.    This exemption must be filed between January 1st and April 1st, 2010.  By clicking on the links below for Collin or Denton County, you may obtain the form online and complete it.  Then print, sign, and mail.

 http://www.collincad.org/HS_application.pdf

 http://www.dentoncad.com/docs/forms/2010/homestead.pdf

 If you have any questions, please don’t hesitate to contact me.   I hope you are enjoying your new home!

 Linda Pardue

Pardue Group / Keller Williams Realty

Just a reminder that Congress extended the Home Buyer Tax Credit until April 30, 2010 (must close by June 30, 2010).   In 2009, about 50% of all home sales in the United States were first-time home buyers – making the dream of homeownership a reality.

To stimulate even more home sales, Congress expanded the Tax Credit to include Subsequent Purchasers — existing homeowners who qualify and want to purchase another home. 

Remember these are “tax credits” not “tax deductions”.  The full amout of the tax credit is deducted from income taxes you owe.  If you owe less than the amount of the Tax Credit, you will receive a check for the difference once you have filed your return.   See Form 5405, First-Time Homebuyer Credit, for more details.

The basic details are as follows:

EXTENDED — First Time Homebuyer Tax Credits

• $8,000 tax credit ($4,000 for married couples filing separate)
• Must not have owned a property in the last three years

NEW – Tax Credit for Subsequent Purchasers

• $6,500 tax credit ($3,250 for married couples filing separate)
• Must have lived in current home as a principal residence consecutively for 5 of the of the previous 8 years

For Both Groups

• The Tax Credit applies to all loans closed between 11/6/09 and 6/30/10, as long as the binding contract is signed by April 30, 2010.
• Income limits are $125,000 (single) and $225,000 (married couples) with $20K phase out
• Purchase Price Limit is $800,000
• Buyer need not repay the tax credit if he/she occupies the home for three years or more.  However, if the property is sold during this three-year period, the full amount of the tax credit will be recouped on the sale.

If you qualify and plan to take advantage of these Tax Credits, it is not too early to start looking for your new home.  Mortgage rates are near their lowest levels in history, affordability is at an all-time high, and there is an excellent selection of homes available. These three factors make it an extraordinary time to buy – and April 30^th will be here before you know it.

Linda Pardue

Pardue Group / Keller Williams Realty

linda@parduegroup.com

Welcome to the FSM Real Estate Blog.  My goal for this blog is to provide useful information about the real estate market.   Everywhere I go people ask me “How is real estate?”  My answer usually is something like, “It’s picking up” — because it is.  However, I probably should say, “Well – it depends” – because it really does depend.  Real estate is local, local, and local – by city, by neighborhood, and especially by price range.

 For most people, their home and any other real estate investments they have are an important part of their financial future, and everyone wants to keep an eye on how their investments are doing. 

 I hope you will join in the discussion here, as well as make suggestions for topics that are important to you and that you would like to see discussed in future blogs.

Linda Pardue

Pardue Group / Keller Williams Realty

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