Governor Charlie Christ will have an opportunity to back Florida first-time home buyers that may purchase properties after January 1, 2010. The savings the proposed Bill, if approved, offers may offset any possible rise in home values.
We are hearing of property values possibly reaching a bottom this summer. With a close eye on how the $8000 New Home Buyer Tax Credit will be affecting the economy, realtors, economists, and other industry professionals are monitoring how the tax credit will be spent and the effect it will have on the economy.
If this Bill is passed by at least a 60% majority, it would provide first-time homestead property owners with additional homestead exemption equal to 50 percent of the property's just value in the first year, limited to $250,000.
Voters will vote in November of 2010 with the Bill, if approved, taking effect on January 1, 2011, with application towards properties purchased on or after January 1, 2010.
Right now is the "perfect storm" of buying opportunities as some analysts put it. Record low mortgage rates, a surplus of distressed properties for sale at hugely discounted prices, and renters emerging as key players in the country's economic recovery all point to a steady recovery, it's just unknown when this stabilization will be firmly rooted.
We are hearing of property values possibly reaching a bottom this summer. With a close eye on how the $8000 New Home Buyer Tax Credit will be affecting the economy, realtors, economists, and other industry professionals are monitoring how the tax credit will be spent and the effect it will have on the economy.
If this Bill is passed by at least a 60% majority, it would provide first-time homestead property owners with additional homestead exemption equal to 50 percent of the property's just value in the first year, limited to $250,000.
Voters will vote in November of 2010 with the Bill, if approved, taking effect on January 1, 2011, with application towards properties purchased on or after January 1, 2010.
Right now is the "perfect storm" of buying opportunities as some analysts put it. Record low mortgage rates, a surplus of distressed properties for sale at hugely discounted prices, and renters emerging as key players in the country's economic recovery all point to a steady recovery, it's just unknown when this stabilization will be firmly rooted.
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