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smart growth: First Time Home Buyer Tax Credit - 03/02/09 02:49 PM
The stimulus package includes a revison to the credit given to first time home buyers. All of the changes are good!
1. The amount of the credit is 10% of the cost of the home with the maximum now $8000.
2. Applies to purchases of principal residence which close between January 1 and December 31 of 2009. All principal residences eligible: houses, townhouses, condos and co-ops.
3. Major change:  No repayment required! If house is sold within three years of purchase, the amount is recaptured upon sale.
4. Buyers who take advantage of state grants can also take tax credit.
5. … (1 comments)

smart growth: Update on Tax Credit to Home Buyers - 02/13/09 08:49 AM
The current version of the stimulas package passed by Congress eleiminated the proposed $15,000 tax credit for home buyers. Instead, the tax credit which is now offered is $8000 and is extended to the end of 2009. 
In my opinion, this may be a better alternative to many people. The $15,000 would have been taken over a 2 year period. This means that the home buyer would have to owe taxes of $7500 each year taken. Increasing the amount to $8000 is actually more for the first year. This is a generous number and should help many first time home buyers … (3 comments)

smart growth: Smart Growth in New Jersey - 11/12/08 11:15 AM
New Jersey has designated certain areas throughout the state as Smart Growth areas. Generally these areas are along major highway corridors. For example, in Hunterdon county the Smart Growth areas follow Route 22 which goes through Readington and Clinton townships. Not all of either of these townships qualifies as Smart Growth.
The Smart Growth areas are designed to encourage home ownership where there is already dense population. Don't look for complete logic here though. For example, most but not all of Hillsborough township in Somerset county is considered Smart Growth while it appears that all of Bridgewater township is included. Meanwhile … (0 comments)

 

Veronica DeCarolis

Flemington, NJ

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Weidel Realtors

Address: 405 Route 202, Flemington, NJ, 08822

Office Phone: (908) 782-0100 x 217

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