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ACT 185 Tax Adjustment Program - 03/21/07 11:34 AM
Trying to Understand Act 185 Tax Adjustment Program as it affects the sale of property
1) The Act 185 Tax Adjustment Program (formerly know as the Property Tax Prebate) is an Income Tax benefit based on the Sellers previous years Income Tax Filing. If the Seller qualifies for this Prebate then the Seller (not the Buyer) should ultimately be the beneficiary.
2). Recent legislation has declared that any Prebate money the Tax Payer (seller) is entitled to is sent to the Town (not returned to the Tax Payer/Seller) and applied as a credit to the next year's property taxes. The tax adjustment is intended to benefit that tax … (0 comments)
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Upper Valley Market Activity - 03/20/07 01:34 PM
Activity so far in Q1 2007 has been pretty spectacular. Properties that are showing value or that are located in prime locations are attractive immediate and sometimes multiple offers. The Norwich, VT market, after experiencing a pretty significant correction in 2006, has shown strong signs of becoming a more normalized and balanced market. Hanover, NH prices, having remained solid throughout 2006, continue to show strength and properties priced to market levels curry interest and bids quickly. We did see a small drop in activity in the first and middle part of February after a flurry of contracts and deposits in January … (0 comments)
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Sub Prime Lending Market Worries - 03/13/07 04:28 PM
In the news recently and again today was more concern over the "wild west" nature of the sub prime lending market over the last five years. Mortgage lates are on the rise, foreclosures seem to be popping up here and there and the concern is that the market for home buyers with poor and damaged credit that has helped to fuel the housing market are now frozen out of the market. Of the top 25 sub prime lenders over the last five years, only a handful are still around.
The implosion of this sector of the credit markets is undoubtedly troublesome and … (1 comments)
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Richard Higgerson
Norwich,
VT
More about me…
Lang McLaughry Spera Real Estate
Address: 316 Main Street, PO Box 1050, Norwich, VT, 05055
Office Phone: (802) 649-3830
Cell Phone: (802) 291-0436
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