Lawmakers in Washington agreed on Wednesday to extend the $8,000 tax credit due to expire at the end of November until March 30, 2010. In addition to that they are proposing a tax credit of $6,500 to repeat buyers who have been in their homes for at least 5 years. This will be an important step in continuing the gradual improvement of the real estate market.
If you are thinking of investing in a home in the White Rock Lake area of Dallas, call Mike Schmitt, "Your White Rock Lake Specialist" to find your dream home and make sure you receive this important tax credit. 214-676-4326 or toll free at 866-987-5253. Visit Mike's web site at www.whiterocklakeproperties.com
Thursday, October 29, 2009
Thursday, October 22, 2009
Upcoming real estate propositions for Nov 3rd ballot
This blog is specifically about propositions 2, 3, 5, & 11 regarding Texas real estate that will be coming up for a vote on November 3, 2009. It has been falsely claimed that proposition 2 will allow the state of Texas to levy property taxes on it's citizens. Proposition 2 is strictly a rule that will only allow the taxing entities to appraise your homestead property based upon it's current use. In other words if your property is located next to or close to a property that has commercial zoning, the tax appraiser could conclude that the highest and best use of your property would be commercial and appraise you as a commercial property conceivably raising your property value and thereby your taxes. If you own an investment property next to commercial zoning such as a rent house, you could still be appraised as a commercial property. This proposition only applies to your homestead.
Proposition 3 will insure that tax appraisal standards are applied uniformly throughout the state. Currently appraisal methods differ in appraisal districts and there is no over site of methodology or consistency.
Proposition 5 allows smaller adjoining appraisal districts in the state to pool their appraisal review boards together to make sure the smaller counties have enough qualified people to serve on the boards. The lack of qualified people to serve on boards for smaller districts is big problem at this time.
Proposition 11 puts more teeth in the Eminent domain laws that allow the state to condemn your property and buy it from you at "Fair market value" for public use. It should not allow private entities such as the Cowboys to have property condemned for economic development or enhancement of tax revenue purposes, and limits the legislature's authority to grant the power of eminent domain to an entity. Many comments have been made that this proposition does not go far enough to protect Texas property owners.
Proposition 3 will insure that tax appraisal standards are applied uniformly throughout the state. Currently appraisal methods differ in appraisal districts and there is no over site of methodology or consistency.
Proposition 5 allows smaller adjoining appraisal districts in the state to pool their appraisal review boards together to make sure the smaller counties have enough qualified people to serve on the boards. The lack of qualified people to serve on boards for smaller districts is big problem at this time.
Proposition 11 puts more teeth in the Eminent domain laws that allow the state to condemn your property and buy it from you at "Fair market value" for public use. It should not allow private entities such as the Cowboys to have property condemned for economic development or enhancement of tax revenue purposes, and limits the legislature's authority to grant the power of eminent domain to an entity. Many comments have been made that this proposition does not go far enough to protect Texas property owners.
Friday, October 9, 2009
The National Association of Realtors testified before the U.S. Small business committee of congress on Wednesday that in order to sustain the current housing rebound it is absolutely critical for congress to extend the $8,000 first time home buyer credit through 2010. Before the credit was enacted there was 9.1 months of inventory of homes on the market. Since the credit has been offered there is now 8.2 months of inventory which is getting closer to the normal level of 6.2 months of housing inventory. NAR says that the purchase of one home pumps $67,000 into the economy through the various ancillary businesses that benefit from your home purchase. Call Mike Schmitt "Your White Rock Lake Specialist" to take advantage of the $8,000 credit and invest in your first home. 214-676-4326.
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