Full Circle Real Estate Group: Athens Real Estate, Sustainable Real Estate

President Obama stopped by Savannah Technical College yesterday and talked about the proposed Home Star program, aka Cash for Caulkers, created to incentivize home owners to cut energy consumption.

The Home Star proposal would provide rebates that would go to consumers making improvements when they are purchasing efficient products and efficiency services. The program has two types of rebates: Silver Star and Gold Star. The Silver Star rebates would provide $1,000 to $1,500 to consumers for each straightforward upgrade, like adding insulation, duct sealing, or purchasing new efficient water heaters, HVAC units, roofing and doors. Consumers may get up to $3,000 in Silver Star rebates.

The Gold Star Rebates are where consumers get the best bang for the buck. Gold Star would offer a $3,000 rebate for a retrofit based on a home energy audit that will save at least 20 percent on energy consumption.

Of course, Congress has the final say on this plan, so expect some changes. Click HERE to get the full scoop thanks to www.greenandsave.com.

Monday is the deadline for Clarke County property owners to file forms that could drop the taxes they pay on their homes and businesses.

Property tax returns are a method of appealing the taxable value of land and buildings. By filing a return, owners tell tax assessors what they think the property is worth.

"That's one thing that's happening a lot now, is that people want to appeal the value of the property," Clarke County Tax Commissioner Nancy Denson said.

After a return is filed, assessors decide whether they agree or disagree with the value the owner places on the property. If they disagree, they send the owner an assessment.

Monday also is the deadline for Clarke County residents to file for homestead exemptions, a tax break on owner-occupied houses. Homeowners who already have a homestead exemption do not need to reapply. For more info, CLICK HERE to read this Athens Banner-Herald article.

Home resales surged last month to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression.

Buyers were racing to complete their sales before the original expiration date of a tax credit for first-time buyers that was scheduled to expire Nov. 30. Last month, Congress decided to extend and expand the credit to ensure the housing market could sustain its recovery.

"Things are stabilizing," said Pete Flint, chief executive of real estate Web site Trulia.com. "There is a significant amount of buyer interest out there."

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Congress has approved an extension of the home buyers tax credit, sending the bill to the White House for President Barack Obama's signature.

The House voted 403-12 to pass the bill after the Senate unanimously approved the measure Wednesday night. The legislation continues a home buyers' tax credit and a measure allowing businesses to write off some of their losses incurred over the past two years.

House lawmakers voted to approve the measure more than a month after initially agreeing to a more modest extension of unemployment benefits. The home buyers' tax credit and business-tax measure were added in the Senate.

The bill extends an $8,000 first-time home buyers' tax credit that was set to expire at the end of this month. The credit will apply to all house contracts entered into before April 30, 2010, and closed by June 30. It creates a new $6,500 credit for existing property owners looking to sell their home and buy another during the same period of time. Both credits have income restrictions limiting their availability.

Starting today, Georgia shoppers can take advantage of tax savings on energy- and water-efficient appliances through the 2009 Energy and Water Efficient Products Sales Tax Holiday.

Customers can purchase energy-efficient products such as dishwashers, refrigerators and clothes washers tax-free through Sunday. They are exempt from paying Georgia and local sales tax on designated items with a price of $1,500 or less per product, according to the Georgia Department of Revenue. For a list of products, click HERE.

The items must meet requirements established by the U.S. Environmental Protection Agency and Department of Energy "Energy Star" programs.

The sales tax exemptions are eligible for items purchased for noncommercial or personal use, according to the state. They do not apply to products with a purchase price more than $1,500, products purchased for use in a trade or business, or items that are rented or leased.

In a kind of Cash for Clunkers effect, homebuyers are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000, for first-time owners. Home sales must be completed by the end of November for buyers to qualify.

Builders and real estate agents are pressing Congress for that credit to be extended. If it isn't, sales could reverse their upward trend. Sales of new U.S. homes surged 9.6 percent in July, another sign the housing market is climbing back from the historic bottom it reached early this year. Driven by falling prices, the fourth-straight monthly increase was greater than expected.

The Commerce Department said Wednesday that sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000. Sales are now up more than 30 percent from the bottom in January, but are still off nearly 70 percent from the frenzied peak four years ago.

The median sales price of $210,100, however, was down slightly from $210,400 in June and was off 11.5 percent from year-ago levels. Prices are still up from March's low of $205,100.

Last month's sales pace was the strongest since September and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 390,000 units.

Call a Full Circle Agent at 706-621-4890 for more info on how you can take advantage of these amazing tax credits before it is too late!

Source: www.finance.yahoo.com

The Federal Government continues to provide incentives to homeowners to help encourage improvements in energy efficiency. Credit opportunities exist for everything from cars and appliances to homes and buildings. With more available options for energy-efficient appliances and products, a tax incentive is a wonderful way for the public to become more aware of green alternatives.

Credits are available for both residential and commercial buildings. Many credits are based on standards for the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) or Energy Star, and must meet International Energy Conservation Code (IECC).

Tax credit details for home improvements:

• Improvements must be installed between January 1, 2009 and December 31, 2010.
• They must be for your principal residence, except for geothermal heat pumps, solar water heaters, solar panels, and small wind energy systems, where second homes and rentals qualify. Each must have a Manufacturer Certification Statement to qualify.

HB 261 was signed into law on May 11, 2009 by Governor Sonny Perdue. Unlike the federal tax credit, the Georgia 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. Contact a Full Circle Real Estate Group Agent for more information on how you can take advantage of this credit, along with other new credits.

The American Recovery and Reinvestment Act is making tax credits available for various home improvements, and allows 30% of all your certified installations up to $1,500. With that in mind, it could be helpful to get in depth on what to look for when considering windows. Click HERE for tons of important information that can help you save money!

When Congress passed the financial bailout bill late last year, it included a range of federal tax credits and cash gifts for businesses — but also a suite of new and renewed tax credits for individuals who want to make energy efficiency and renewable energy improvements to their home or cars.

When President Obama signed the economic stimulus bill in February, the federal government expanded and extended some of those credits.

So what's in it for homeowners and other regular taxpayers? Click HERE for a list of credits that can save you money, including a $1500 Home Tax Credit for Energy Efficiency!