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Reports on cuts to MID are premature
This is how rumors are started. Yesterday several major media outlets (WaPo, NYT) ran stories about a sneak peek of a draft report from the Deficit Reduction Commission (DRC), a bipartisan commission charged with recommending steps to reduce the federal debt. The draft report contains a recommendation that the popular Mortgage Interest Deduction (MID) tax break be reduced or repealed in order to bring the government's expenses in line with its revenues.
Supreme Court of Virginia upholds NVTA property tax classifications
Certain localities within the boundaries of the Northern Virginia Transportation Authority (NVTA) have levied a special tax on certain property owners to finance needed and costly transportation improvements in Northern Virginia, like Metro to Dulles. Here's the rub: the special tax applies only to commercial property owners, and not residential property owners.
VHDA.com has a new military programs page
Got a strong military clientele? The Virginia Housing Development Authority (VHDA) has a website just for you and your clients.
Cash-strapped governments ramping up tax-collection efforts
Tax officials in the DC area are trying new, and maybe extraordinary, efforts to collect tens of millions of dollars in delinquent payments. These efforts are hoping to help combat the huge projected budget deficits that threaten to slash public services.
Together, DC area localities are owed more than $40 million in overdue real estate taxes from fiscal 2010. In Arlington, real estate tax delinquency has nearly tripled since 2003.
Though collecting cars and the other measures may seem extreme, they ultimately may seem minor compared to the cuts to public service that may happen.
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Clarendon church apartment project could be national model
An Arlington church is building an apartment development above the church sanctuary as a way to generate revenue while they face a shrinking budget.
The Views at Clarendon will consist of 70 affordable apartments and 46 market-rate apartments on eight floors being built on top of the two-stort sanctuary of First Baptist at Clarendon. The development is expected to open late next year and is gaining national attention from many urban churches.
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NAR dissects foreclosure moratorium in October 28 webinar
Even though the thaw is beginning, you can get a better understanding of the foreclosure freeze brought on by the national robo-signing scandal (click here to see how they're affecting Virginia) in a 60 minute webinar from NAR on Thursday, October 28 at 3 p.m. EDT. Your presenters will cover:
Cheery outlook for Richmond commercial market
As sour as the economy has been lately, a panel of executives from four of the region's largest REITs were downright bullish about the outlook for commercial investment in Richmond and other second tier cities.
Updated Designation and Education Handbook now online
It's a fact: Real estate designations are a sure-fire way to increase your knowledge and earnings. With 20 designations available through the National Association of REALTORS and NAR family organizations, and even more available from other sources, you're sure to find one that fits your needs.
The Business of Green
Keep up on the trends that count, including the future of retro-fitting and green features for new construction. Most importantly, learn how to sell, appraise, and finance these homes.
Session topics include:
- Evolution & cost of green building
- Selling the green home & marketing yourself as a green Realtor®
- Simple green improvements for conventional homes
- Using MRIS to market green features
- Case study of NVAR's new headquarters
Pending approval of 3 hours elective CE credit.
Registration:
$39 advance or $49 onsite
Sign of increasing sales activity? Recordation tax revenues grow for second straight month
Buried in the last paragraph of an article about a 4.1% increase in the Commonwealth's general fund revenues was a potential bit of good news for Virginia's housing markets. Apparently, Virginia's recordation tax revenues have grown for two consecutive months, a sign that home sales may be strengthening.