Georgia: Buy a home and get an $1800 tax credit
July 7, 2009 by Meth Lab Homes
Want to buy a house? On June 1, 2009, buying a single family house in Georgia will make you eligible for an $1,800 state income tax credit. You only have have six months to do it though. Starting with this year’s tax return, home buyers in Georgia will be able to request the credit which will need to be taken over a three year period. If you’re a first-time home buyer, you would also be eligible to apply for an $8,000 federal tax credit.
Georgia Legislators are hoping that the rebate will help reduce the number of homes that are currently up for sale, especially in Atlanta, but realtors aren’t so sure it will. Banks, who are swamped with houses that have fallen in to foreclosure, may have the most to gain.
1,846 foreclosures – Fulton County
1,417 foreclosures – Gwinnett County
1,081 foreclosures – DeKalb County
595 foreclosures – Clayton County
534 foreclosures – Henry County
In April 2009, 11,521 homes in Georgia received foreclosure notices, bringing the total number of foreclosures in Georgia to 44,979 as of April 2009. Because of foreclosures and other problems related to the down-turn in the economy, the Atlanta metro area has a massive backlog of homes waiting to be sold.
Before you buy a home in Georgia:
- Call the police department and find out if there are any records about a meth lab bust or drug activity at the property you’re interested in buying.
- Call the local health department and find out if they have any records about the property.
- Talk to neighbors near the house that you’re interested in buying! Ask them what the previous occupants were like!
Governor Perdue Signs Housing Tax Credit Bill
Monday, May 11, 2009
ATLANTA – Governor Sonny Perdue today signed House Bill 261, which provides a $1,800 tax credit for home purchases. The credit, which would be taken over three years, takes effect immediately and is meant to spur activity in the housing market.
“The housing tax credit is a strategic investment that strikes at the root of this economic downturn. Much of the financial turmoil we have seen stems from a severe downturn in housing,” Governor Perdue said. “Families interested in buying a home will now have an additional incentive to act.”
The bill provides an income tax credit for the purchase of a single family residence during the next six months. The amount of the credit will be the lesser of $1,800 or 1.2 percent of the purchase price. A taxpayer may claim one-third of the credit available in each taxable year, and may carry forward unclaimed amounts.
For first time homebuyers, the state credit would be in addition to the federal tax credit authorized by the American Recovery and Reinvestment Act. The federal credit gives first-time homebuyers a credit equal to 10 percent of the purchase price, up to $8,000. The state credit is available to all buyers for six months.
“I’m proud of Governor Perdue for signing this legislation, and I’m proud to have brought it before the state legislature. This bill will put people to work, reduce the inventory of unsold homes, and kick start Georgia’s economy,” said Rep Ron Stephens.
“Jumpstarting the housing industry will mean more money flowing through our economy and more customers for Georgia’s real estate professionals, appraisers, closing attorneys, and others who depend so heavily on regular market activity. This bill is a signal that we are doing all we can to spur Georgia’s economy and lead the nation in financial recovery,” said Rep. Larry O’Neal.
