Our attorneys have been getting several variations of this question recently...
Q: My buyer clients made an offer on a short sale on April 29. The sellers ratified the contract on April 30th. The bank hasn't even had an opportunity to review the offer yet. Will my clients be able to claim the homebuyer tax credit?
The Southampton County Board of Supervisors has prepared a budget draft that calls for increased txees on real estate and personal property. The increased taxes will close a $1.85 million budget shortfall.
The real estate tax rate is set to increase five cents, to 77 cents, and the proposed personal property tax rate for vehicles would go up by one dollar, to $5.50. One cent of the real estate tax increase will be set aside for the schools.
Read more from the Tidewater News....
May 1 is May Day. Could be an appropriate thing to say the day after the homebuyer tax credit expires, don'tcha think?
So here it is... Life after the homebuyer tax credit. For about two years now we've had this artificial economic stimulus at work in the housing market. Some say it helped the housing market avoid a complete collapse. Others say it was a waste of money, and simply moved up Americans' home purchases by a few months. And there's no denying it generated activity in the market. But in just a few scant hours: *poof!* it's gone.
In Governor Bob McDonnell's first 100 days in office, Virginia closed more than 50 economic-development deals that together will create 3,100 jobs and generate $360 million in investments in the Commonwealth.
Jobs and community investments are key issues for homeowners. New jobs allow existing homeowners to pay the mortgage and stay in their homes. A strengthening economy also encourages buyers to shop for new homes, possibly driving up prices and holding down the number of days houses stay on the market before being sold.
Read more in the Richmond Times-Dispatch....
We’ve said it before, and we’ll say it again: Ignore the e-mails claiming 1) that the recently passed health care bill contains a 4 percent “transfer tax” on home sales and 2) that pending legislation (H.R. 2454) in the Senate requires an energy audit or retrofit for home sales.
They're both false.
An $18.9 million federal stimulus grant has been awarded to Mecklenburg-based Buggs Island Telephone Cooperative (BIT). The grant will make high-speed broadband access available to every business and residence in 15 counties in south central Virginia.
The project will create 64 jobs, most of them in Mecklenburg.
Fifth District Rep. Tom Perriello assisted BIT with the application process. “This is a real game changer for economic growth and quality of life in our area,” said he said. “Reliable broadband service is the foundation for bringing new jobs and growing our local businesses. It boosts home values and the quality of life in our communities.”
King George County Supervisors approved a county budget of $62 million. The School Board will receive $34 million, including $1.6 million from the county's reserve fund and almost $1.2 million the school system didn't spend this year.
The supervisors voted last week to equalize the tax rate at 50 cents per $100 of real estate value.
Homeowners benefit from good community schools. Young families shopping for homes tend to concentrate on houses in school districts with good reputations, leading to increased property values in those areas.
Homeowners and Realtors® will be the beneficiaries of a comprehensive statewide housing policy created by Gov. McDonnell. He is expected to sign an executive order this week outlining the policy objectives. It is the first time Virginia has embarked on creating a statewide executive housing policy.
At a news conference in Richmond this morning, the Governor announced the appointment of a Housing Policy Advisory Committee that will be charged with developing a housing policy for the Commonwealth. The plan is expected to cover housing related issues like homelessness, workforce housing, economic development, healthy neighborhoods, effective coordination of transportation, and environmental issues.