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NEW FIRST TIME HOME BUYER TAX CREDIT

Thursday, July 31, 2008
by Group One Realty Team - Real Estate One

 ECONOMIC RECOVERY ACT OF 2008

 

FEATURE

 

H.R. 3221

Housing and Economic Recovery Act of 2008

 

 

Amount of Credit

 

Ten percent of cost of Home, not to exceed

$7500  Click Here for more info

 

 

Eligible Property

 

Any single-family residence (including condos, co-ops) that will be used as a principal residence.

 

 

Refundable

 

Yes.  Reduces income tax liability for the year of purchase.  Claimed on tax return for that tax year.

 

 

Income Limit

 

Yes.   Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return).  Phases out above those caps ($95,000 and $170,000, respectively).

 

 

First-time Homebuyer Only

 

Yes.   Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. 

 

Recapture

 

Yes.  Portion (6.67 % of credit) to be repaid each year for 15 years.  If home sold before 15 years, then remainder of credit recaptured on sale.

 

 

Impact on District of Columbia Homebuyer Credit

 

DC credit not available if purchaser uses this credit.

 

 

Effective Date

 

Purchases on or after April 9, 2008

 

 

Termination

 

July 1, 2009

 

Interaction with Alternative Minimum Tax

Can be used against AMT, so credit will not throw individual into AMT.  


This credit is in effect now.  Get started looking at home.  Click here for direct MLS access for the Ann Arbor and surrounding areas.
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49th Annual Ann Arbor Art Fair

Tuesday, July 10, 2007
by Group One Realty Team - Real Estate One

            For those of us who have spent any time hanging around Ann Arbor in the summertime, we surely remember the hustle, bustle and excitement surrounding the Ann Arbor Art Fair.  The Art Fair, originally established in 1960, is a combination of four award winning, independently juried art fairs, held simultaneously throughout Ann Arbor.  This year, the annual Art Fair runs between July 16-19.  The hours on Wednesday, Thursday, and Friday are from 10am – 9pm and Saturday, from 10am – 6pm.  Visitors in town searching for homes will definitly wish to attend this event.  We suggest you go early at 10am (preferably on Wens) thereby avoiding much of the larger crowds and this will help you see most of the display areas.  The cost for attending this renowned event is free!
            Together, the four fairs attract over 500,000 visitors from across America, and create an amazing outdoor gallery featuring over 1,200 artists.  There are an abundance of things to see and do while spending an afternoon outdoors at the Art Fair.  Activities include learning about and Buying art from the nation’s best artists, lively entertainment, artists’ demonstrations, 4 Imaginations Stations for art activities, more than 150 restaurants, and special sidewalk sales from downtown Ann Arbor to the University of Michigan campus.  You can also check out a complete list of exhibiting artists.  This spectacular event attracts the finest artists producing top quality art work in every price range and is considered to be the largest art fair in the country.
            Transportation to and from the Ann Arbor Art Fair is extremely convenient.  There are several parking structures around campus, including the Maynard Parking Structure which has recently been renovated.  It is generally $10 per day for the parking structures and $5 after 5pm.  There is parking in and around nearby neighborhoods for low cost as well.  If you wish to avoid parking downtown near the Art Fair altogether, there are also shuttle buses that run throughout Ann Arbor.  Parking to catch the shuttle bus is available at Briarwood Mall or Pioneer High School.  The AATA Art Fair Shuttles will run every 10-15 minutes from 9am to 10pm, Wednesday through Friday, and on Saturday from 9am to 7pm.  The fares will be $1.50 each way, and children 7 years old and younger ride free.   Click here for a complete list of maps, parking and bus schedule.  You can visit the Visitors and Conference Bureau for infrmation on lodging, restaurants and more. Don't miss this nationally renowned art exhibit here in town! 

submitted by Melissa Ralph

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