YES, it's true! I talked about it a few weeks back and it's finally REAL!
Georgia Governor Sonny Perdue signed HB 261 on Monday afternoon, making the Georgia Homebuyer Tax Credit a reality! The bill offers all buyers(not just first-time homebuyers) a tax credit on the purchase of an eligible (see below) home. The tax credit is worth 1.2% of the sales price, to a maximum credit of $1,800, spread over three years' taxes.
For example, if you purchase a home for $150,000, then your credit would be $1800.00. Meaning you will get (if you file the correct paperwork at tax time next year!) $600 per year on the next three years' taxes, the maximum amount allowed under the law. Purchase a $115,000 home and your credit will be $1380.00, equalling $460 per year for three years. Purchase a $300,000 home and you would still receive the maximum amount, and so on.
Here are the stipulations:
- the credit is linked to purchases made between June 1, 2009 - November 30, 2009
- the credit can be claimed only one time and can be claimed in addition and independent of the federal first-time homebuyer tax credit
- the following single-family residences are eligible for the credit: 1) new single family residences; 2) previously occupied residences that were for sale prior to the May 11, 2009 and are still for sale after May 11, 2009; 3) owner-occupied residences with respect to which the owner's acquisition debt is in default on or before March 1, 2009; and 4) residences where a foreclosure has taken place and are owned by the mortgagor or the mortgagor's agent
Georgia REALTORS® were enthusiastic supporters of this bill and answered a statewide Call For Action and sent almost 6,500 e-mails to members of the General Assembly in support of HB 261. To learn more about HB 261, click here: http://www.legis.ga.gov/legis/2009_10/sum/hb261.htm
What does all this mean? It's a great time to buy a home! Start looking at homes now for a closing date after June 1, 2009 to take advantage of this AMAZING tax credit, which you can claim in addition to the Federal Tax Credit (if you're a first-time homebuyer). If you're in the Metro Atlanta area and would like to sit down to discuss your homebuyer options, we'd love to help. Please call or email us to set up a consultation - there's no obligation on your part, just a chance to find out more about purchasing a home.
Maura Neill, ABR, CRS, MA
The Gebhardt Group
RE/MAX Greater Atlanta
10220 Medlock Bridge Road
Johns Creek, GA 30097