John S Murphy *Patrick AFB Specialist*

The President signed the bill to extend the homebuyers tax credit. The bill not only included an extension but also added credits for "non first time homebuyers".

The $8000 first time buyer credit was extended to purchases made from January 1st, 2009 - April 30th, 2010. The original expiration date was November 30th 2009. The credit is available to individuals that did not own a principle residence in the United States 3 years prior to the purchase of a home.

The new provision in the bill includes a credit for people that have lived in their former home for an extended period. If you purchase a new home and have lived in your previous home consecutively for 5 of the previous 8 years, you would be eligible for a credit of $6500.

One of the most important parts of this new bill is that the first time homebuyers credit for military personnel that have extended duty service outside of the US for at least 90 days from 12/31/08 - 5/1/2010 is extended another year until April 30th 2011.

So those of you PCSing to Patrick AFB, from overseas, in the next few, years will be able to take advantage of this tax credit.

The income limits on the tax credits are $125,000 - single and $225,000 married.

The government has added some anti-fraud provisions - you'll need to include you closing statement with your tax return.

This article is part of "The Patrick AFB Online Relocation Package".




Many families PCSing to Patrick AFB, end up finding their home in Viera. I think some of the main reasons are that Viera has a lot to offer and it is within a reasonable commute time to the base (15-25 minutes).

Viera is a master plan community that started home building in the early 90's and is still building today. Currently Viera has about 19,000 residents and when it is completed will cover about 22,000 acres. It has a large variety of homes starting just under $100,000 up to $1,000,000+ all within a few miles of each other. The various neighborhoods cater to many different lifestyles and the whole area is anchored by a central commercial / government area. A great amount of green space has been left with interconnecting walking trails, as well as five community parks and a huge 125 acre Viera Regional Park.

Viera doesn't have its own zip code yet, so when looking for homes online, understand the Viera is split in half with the southern part being in Melbourne (32940) and the northern part being in Rockledge (32955).

The schools that service Viera have a great reputation. There are three elementary schools (1st-6th), two middle schools (7th-8th), and Viera High School that opened in 2006.

In 2005 an outdoor shopping complex - The Avenue Viera opened with many national as well as local stores. It's become very popular and is a great place to shop, dine, or see a movie. Viera is also home to two public golf courses and a great local zoo. The Washington Nationals use Space Coast Stadium for thier spring training and the rest of the time it's the home of the Brevard County Manatees (Single A).

Viera has a top notch VA Outpatient Clinic and in 2011 the 100 bed acute care Viera Hospital will open.

Schools:

Quest Elementary
Manatee Elementary
Ralph Williams Elementary
Kennedy Middle School
McNair Middle School
Viera High School

Recreation:

Brevard Zoo
Duran Golf Club
Viera East Golf Club
Viera Regional Park
Space Coast Stadium - Washington Nationals Spring Training Site

Shopping:

The Avenue Viera
Super - Target
Wal-Mart Super Center

Health-care:

Viera Hospital
VA Clinic


As you can see Viera has a lot to offer and is very close to the base, and that is why so many families end up settling here.



VIERA MASTER PLAN

This article is part of "The Patrick AFB Online Relocation Package".

Wow!!! For those of you PCSing to Patrick AFB in 2009 there is a huge benefit that just got passed in the stimulus bill: $8000. The fully refundable, $8000 (or 10% of the purchase price, up to $8000) is a tax credit for first time homebuyers that purchase a home between January 1, 2009 and November 30, 2009.

Here are the details:

What is a first time homebuyer?
Someone who has not owned a principle residence in the past three years. So many of you coming from overseas who have owned a home in the past, but have been living on base for three years will still qualify.

Are there income limits?
Yes, $75,000 for singles and $150,000 for couples.

Will I have to pay this back when I sell the home?
If you stay in the home for three years you do not have to pay it back, anything less and you will have to pay it back. So this is a gift, a grant, free money. Well not exactly free the taxpayers are paying for it.

Here are some typical scenarios:

1. At the end of the year you typically owe $7000 in taxes, and from your withholding they have taken $7000. When you file your 2009 taxes, you will get a check for $8000, which you can use for whatever you want: furniture, clothes, vacation, etc.

2. At the end of the year you owe $7000 in taxes. From your withholding they collected $8000. In this scenario you would usually get $1000 refund check. With this tax credit you will get a refund of $9000.

3. You owe $7000 in taxes. They withhold $6000. In this scenario you would normally have to pay $1000. With the tax credit you will get a refund of $7000 ($8000-$1000).

This money can not be used for a down payment, but will be refunded from your taxes. All you need to do to get this credit is claim it on your 2009 tax return.


With interest rates hovering around 5% (at the time of writing this), prices falling into affordable ranges, and this generous tax credit, this just might be the time to buy a home.

John S Murphy is a full-time REALTOR® with RE/MAX Elite in Melbourne, FL, and the creator of AmericanAirmanHomes.com, a website that specializes in Military PCS, DoD, civilian, and retired military relocations to and from the Patrick AFB area in Florida. Please feel free to visit the website where you can search the entire Brevard County MLS.

This article is part of "The Patrick AFB Online Relocation Package".

Once again this year Walt Disney World is offering their Armed Forces Salute. It is a great deal for active and retired US Military. Disney World is only an hour trip from Patrick Air Force Base, and it is a deal that many service members should explore.


Here are the details from the Disney Website:

"Through December 23, 2009, each active or retired member of the U.S. military may obtain one complimentary 5-day "Disney's Armed Forces Salute" ticket with Park Hopper® and Water Park Fun & More options. This ticket is valid for five days of admission into the four Walt Disney World® theme parks, plus a total of five visits to a choice of a Disney water park, DisneyQuest® Indoor Interactive Theme Park or certain other attractions. During this offer period, active or retired U.S. military personnel (or their spouses, but not both) may also make a one-time purchase of up to a maximum of five 5-Day "Disney's Armed Forces Salute Companion" tickets (one theme park per day) for $99 per ticket, plus tax, for family members (including spouse) or friends. Although this ticket for family members and friends does not include either the Park Hopper® or Water Park Fun & More options, this ticket can be upgraded to add either such option, or both, for an additional $25, plus tax, per option. Actual prices may be less. All tickets and options are non-transferable and must be used by December 23, 2009.

Activated members of the National Guard or Reservists (with orders showing active status after January 1, 2008) and active or retired members of the United States Coast Guard are also eligible to participate in this offer."


Tickets and more information can be obtained from the ITT office at Patrick AFB. Building 415, Phone:(321) 494-5158

This article is part of "The Patrick AFB Online Relocation Package".

The new Patrick AFB BAH rates for 2009 are now available. There was a slight increase over last year and with the possibility of interest rates dropping to all time lows in the near future, 2009 might be one of the best buying opportunities in years.

2009 BAH Rates - Patrick Air Force Base