About Washtenaw County, MI

Congress has extended and expanded the homebuyer tax credit to include home buyers who have lived in their existing principal residence consecutively for 5 of the last 8 years.

Highlights

First Time Home Buyers can still receive an $8,000 ($4000 married filing seperate) tax credit for homes purchased between December 1, 2009 - April 30, 2010

Current Homeowners can receive a $6500 ($3250 married filing seperate) tax credit for new home purchases provided that they have used their home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

Credits terminate for purchases after April 30, 2010. Unless there is a written binding contract to purchase a home is in effect prior to April 30, 2010. The purchases would have until July 1, 2010 to close.

Income limits: $125,000 single, $225,000 married

Limitation on cost of Home is set at $800,000

All purchasers ust attach documentation to purchace on their tax return.

For a side by side chart comparison between the 2 tax credits please see below link courtesy of the National Association of Realtors http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

I hear that Applebee's is giving away a free meal to Veterans on Veteran's Day. Check it out!

-Shari

Really encouraging news regarding Michigan's part in the Recovery and Reinvestment Act. The state has received around $5.2 billion in stimulus funds which has so far helped create 22,000 new or saved jobs! This is great news! The state now ranks number 9 in the nation for jobs created or saved due to the act.

It is clear that the worst of the recession is over. Lawrence Yun the Chief Economist for the National Association of Realtors even came to Michigan a few months back to talk about the Real Estate Market and the economy. Things were starting to move back then and now with the influx of first time homebuyers purchasing properties and the effect of the stimulus money is being felt. (Keep track of Michigan on the government recovery website)

The stimulus money is also being funneled into other areas and not just being used for job creation, including tax cuts for residents and small businesses, weatherization projects, college tuition grants, unemployment insurance benefits and plugging the deficit in the state budget.

This is definitely exciting news for the state and for the region - no wonder Ann Arbor is a top relocation destination worldwide!

Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs.

www.KathyToth.com
Keller Williams Realty

Wow! Hubby and I have been reviewing our will, which was carefully drawn up in 2005. Evidently I had questions, because it has never been fully executed. Sooo the good news is that I worked with a lawyer, and drew up a will. The bad news is that I still haven't signed it! (is anyone smiling yet?) Sure hope the rest of you don't do things this way. I have the ability to over-think things to the point that they don't get done at all. Lots of things in my life are 99% complete. They are "perfectly incomplete," though. You have to give me credit for that! (lol) Well, thankfully, we haven't needed our wills. I will make an appointment with Patrick Conlin soon! Next time you see me ask if I kept this promise.

Did you know this? The other thing I discovered today, and want to share with you, is regarding social security. Here is how it works: The Social Security Administration allows seniors who have started taking their monthly benefit to stop their benefits and start again later. You simply repay the full amount in benefits received to date with NO interest, then you "re-start" your benefit at a later date (and probably a higher amount) as though you had deferred taking their benefits in the first place! For example ... if you began receiving benefits at age 62, but then changed your mind and wanted to wait until age 70 to begin collecting benefits. Using this strategy, you could increase your Social Security payments by more than 70%! This comes from a good source, so I take it to be true. If it applies to you, or your loved ones check it out. I'm definitely passing this on to one friend in particular, who has waited until age 70.

Hope your day is going well. I need to be out of the house early tomorrow for a Foreclosure Sales class in Troy.

Cheers!

Shari Roberts-Osojnak, Assoc. Broker * REAL ESTATE ONE * Chelsea/Dexter/Scio/Ann Arbor, MI * 734 475-3200

Today is election day, in Washtenaw County, November 3rd, 2009.

Where do you vote?

When you go to the link above it will take you to the site you vote at. Many folks know,but it can be different in mid-year elections. Once you have doe that you can click to see what and who is on your ballot.

I vote in Pittisfied Township, we only have one question on our ballot.

We ae voting for or against a millage called the Regional Enhancement Millage Proposal. This year there has been strong opposition to this millage. Many people feel the public schools have not done enough to reduce the cost of their budgets.

There is a great post on A2chronicle that goes into the pro's and con's of the milage proposal. I would recommend reading this unbiased report of checking out some of the links to see the pro's and con's before voting. I think Mary did a great job of being fair to both sides.

Below is how it will read on the ballot:

REGIONAL ENHANCEMENT MILLAGE PROPOSAL
Pursuant to state law, the revenue raised by the proposed millage will be collected by the intermediate school district and distributed to local public school districts based on pupil membership count.
 
Shall the limitation on the amount of taxes which may be assessed against all property in Washtenaw Intermediate School District, Michigan, be increased by 2 mills ($2.00 on each $1,000 of taxable valuation) for a period of 5 years, 2009 to 2013, inclusive, to provide operating funds to enhance other state and local funding for local school district operating purposes; the estimate of the revenue the intermediate school district will collect if the millage is approved and levied in 2009 is approximately $30,000,000?

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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com

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