Kimberly Wilson REALTOR Douglasville, GA Real Estate Specialist

Do you feel confused about tax credits? Did it seem to you that every day of the week last week produced a different description of the facts? It's time to clear up the confusion!

From careful examination of the facts, I believe I can truthfully explain to you what the tax credits for homebuyers in the new stimulus plan really means to you.

The Stimulus Plan contains a new tax credit for first-time homebuyers. Essentially, first-time homebuyers within certain income limits who purchase a home in 2009 before December 1, 2009 will receive a tax credit of up to $8,000.

The program is similar to the $7,500 tax credit which applied to home purchases made in 2008 after April 9.

While the Senate version originally included a $15,000 tax credit for all homebuyers, to lower the cost of the Stimulus Plan the final version of the Plan contained this smaller tax credit. This tax credit is applicable only to first-time homebuyers.

To qualify as a first-time home buyer as defined in the programs, the purchaser (and the purchaser's spouse) may not have owned a home in the three years prior to the purchase date of the home. Single family homes qualify for the program. The home must be the primary residence.

Both tax credits are subject to the same adjusted gross income (AGI) limitations (full credit for AGI less than $75,000 single/$150,000 joint, phased out for AGI up to $95,000 single/ $170,000 joint).

The amount for either credit is the lesser of 10% of the home purchase price or $7,500 or $8,000, as applicable.

While a purchaser still owns the home, the $7,500 credit must be repaid in equal payments over a period of 15 years, starting with the 2010 tax filing. The new $8,000 credit will not need to be repaid. Again, the $7,500 credit needs to be repaid, while the $8,000 credit does not!

Upon sale of the home, any portion of the $7,500 credit not yet repaid is due in full. No portion of the $8,000 credit is due upon sale of the home, if the home is owned for more than three years. If the home is sold within the first three years, the full amount of the credit is due upon sale.

The $7,500 credit was not available to any purchaser utilizing state/local revenue bond money to help finance the home purchase. There is no such restriction on the $8,000 credit.

Under both the $7,500 and the $8,000 programs, the credit will be claimed on the purchaser's income taxes. Any amount in excess of taxes owed will be refunded to the purchaser.

The bottom line:

If you were a first time home buyer and purchased a home between April 9, 2008 and December 31, 2008 you will receive the $7,500 tax credit that must be repaid. (providing all other conditions were met)

If you are a first time homebuyer who purchases a home between Jan 1, 2009 and Dec 1, 2009 you will receive an $8,000 tax credit that does not have to be repaid. (providing all other conditions were met)

It's easy to be confused with all of the information. The easiest way to find out exactly what you qualify for is to contact a professional!

Call Kimberly Wilson, Your Dawsonville Real Estate Specialist today!

As a member of the Home Builders Association, we have been discussing and promoting the bill introduced by Sen. Johnny Isakson, R-Ga., to advance a $15,000 homebuyers tax break, with the intent to help revive the housing industry.

I am so happy to report that the Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers. The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. (Current law provides for a $7,500 tax break for the purchase of new homes only)

Of course this bill could be changed as the measure makes its way through Congress over the next 10 days or so, but it's baby steps in the right direction. I realize that it's not going to help those who are struggling now to keep their homes. I think we all have realized by now that there is no miracle cure for the housing crises. What this will do is allow and even influence buyers to purchase homes. It will be too good of a deal to pass up.

More importantly, there are items being introduced on a State Level to provide additional stimulus and help get the housing market moving with rapid speed in the Georgia market. I will be attending a Legislative Luncheon on the 18th to support some of these measures, and our local representatives. Stay tuned for updates. There is GOOD NEWS on the horizon.

I am committed to keeping you informed, and providing you with the most current information to help you make decisions regarding the purchase or sale of your home. Contact me for more information!

Kimberly Wilson, Your Dawsonville Real Estate Specialist!

This is my first day back after a wicked 'bout with the flu. It hit me suddenly and without warning. Once I finally relented to the fact that I was sick, the only thing I could think about was that TV commercial where the doctor tells the woman she has the flu and she's sorting through her day-planner looking for somewhere to schedule it. She finally replies to the doctor that she doesn't have any room in her schedule for the flu.

Life is like that isn't it? You're going along all wrapped up in your day to day business and then, WHAM! , something unexpected and unplanned causes you to put everything on hold. Your first response is to fight it, get angry, or 'pitch a hissy fit'. But eventually you have to give in and deal with it. You realize that what you thought was so important really wasn't that important after all. People will wait, listing appointments can be re-scheduled, buyers can be referred out, and it's ok if the newsletter is a week late.

What I learned is that if you aren't well, you're no good to anybody. My birthday is coming up this week, which has given me cause to reflect on my age and my health. One of the changes I had planned to make in 2009 was to take charge of my health and stop procrastinating and pretending I was still 20. I'm going to make a financial investment in 'ME' this year. I'm re-evaluating financial priorities. For example, having cable television is not as important as me being well and fit. As a matter of fact, it's probably one of the reasons I am not fit. It's too easy to be a couch potato if you have 55 channels to choose from.

Eating out has been banned from the household. Not to mention the actual cost of eating out, the toll it takes on your health is outrageous. You can better manage your health and well being if you prepare your own food. If you plan ahead, it doesn't take that much time to prepare a quick and healthy meal. If you make a little extra, you can even take care of your lunch the next day.

Wishing you health and happy days! Take Care of Yourself!

If you listen to the media, they would have you to believe that there are foreclosure properties on every corner. Since most of our news comes from Atlanta, you have to remember that real estate is local. What has happened in Fulton, Gwinnett, and Cobb counties does not reflect on Dawson County. The number of foreclosure properties in Dawson is not even percentage wise anything close to areas such as Gwinnett County.

However there ARE and HAVE BEEN foreclosure properties in Dawson County, and there will continue to be as the economy remains unstable. What does this mean to you, a homeowner?

If there have been foreclosure properties in your neighborhood, this may have affected the value of your home. If you question the assessed value of your home on your property tax bill, you can file a Residential Property Tax Return.

Between January 1 and April 1, you may contact the Dawson County Tax Assessors Office and file a Residential Property Tax Return. You can download/print the Property Tax Return Form however you must file this form in person.

Home Owners would declare what they believe is the true value of their property. The return then goes through a process exactly as an appeal would, and will be reviewed by the Board of Assessors. By law, assessors are required to set(or change) the value of your property by January 1st of each year.

Of course, there is no guarantee that the assessor will agree with your assessment, but by filing this return you stand a chance of have your property value adjusted, and therefore your property taxes reduced.

Other ways to save:

Homestead Exemption- If you purchased a home this year, you may file a Homestead Exemption between January 1 and March 1. To qualify for a homestead exemption,the property must be owned by the taxpayer and occupied as his or her legal residence. Once recorded, it will automatically renew every year.

Senior Citizen Exemption- Persons who are 62-65 years old may qualify for this exemption.(qualifying age depends on income) Contact the Tax Assessors office for details.

There are a few other exemptions you may examine such as exemptions regarding land used for agricultural purposes.

For more information, I encourage you to visit the website:

www.dawsontaxassessors.org

or contact the office at :

78 Howard Avenue East, Dawsonville

706-344-3590 ext. 236

I'm committed to providing you with the most up to date information regarding the real estate market in Dawson County.

Kimberly Wilson, Your Dawsonville Real Estate Specialist!

CONGRATULATIONS TO OUR STATE SENATOR CHIP PEARSON, who has been reappointed as Chairman of the Senate Economic Development Committee by Lt. Governor Casey Cagle. The reappointment was announced last week. (Senator Pearson serves Dawson, Fannin, Gilmer, Lumpkin, Pickens, Union, and part of Forsyth and White Counties.)

I'm excited to have Senator Pearson on our side in these trying times. In a statement to the press Senator Pearson says that the state's housing market may be a good place to start, and a catalyst to get past this downturn. Senator Pearson says he will push to cut unnecessary red tape and regulations in the lending industry to allow more people to purchase homes.

At a recent meeting with members of the state Senate and House Economic Development Committees, several options were discussed. One item up for discussion, was a program to provide down payment assistance to buyers. If you are a first time homebuyer, this should be of great importance to you. As of last October down payment assistance programs were cut and at the present time, FHA loans require a 3% downpayment.

I'm committed to doing all I can to help educate buyers and sellers with the most up-to-date information on new programs as well as keeping current with what's happening in our marketplace. Watch for upcoming information about how home owners may be able to save money on their property taxes!

If you would like to receive an up-to-date market report about your community or the latest home buyer information, email me at Kimsoldit@yahoo.com

Kimberly Wilson, Your Dawsonville Real Estate Specialist!