Venice Bits

Venice is absolutely beautiful right now.  The weather is warm  86 F (30 C) and sunny with a constant breeze.  The Gulf of Mexico is turquoise and luminescent.  Even the town residents are going in for a swim. It's the end of high season, and the town is returning to it's normal mellow pace. Many owners are fixing up their properties to enjoy a relaxing  summer.  Increased activity in  the real  estate market is occurring.  There are many showings on listings and contracts are following.  June appears to be the month for many closings. 

The following is some beneficial legislation for buyers and sellers: 

SJR 532 is an amendment asking voters to limit increases in property tax assessments on all non-homestead properties to 5% annually.  Even first time homebuyers may benefit with a homestead exemption up to $100,000.  This is needed to bring buyers to our area.  

HB 521 puts the burden of proving that a property tax assessment is correct on the appraiser, not a property owner.  

Tax credit for homebuyers is $8000 or 10% of the home purchase, whichever is less.  The criteria is below:

      Buyers who have not owned a principal residence in the last 3 yrs.  Owning vacation property and rental properties will not disqualify you.

     Married couples modified adjusted gross income (MAGI should be under $150,000 and single filers' MAGI under $75,000.  Married couple with MAGI incomes from $150,000 to $170,000 receive a partial credit as do single filers' MAGI incomes from $75,000 to $95,000.

     Must own home for 36 months, otherwise repay credit.

     Possession of home must be between Jan., 1, 2009, and Dec. 31, 2009.  Even if construction began in 2008, you qualify if you take possession in 2009.

 Have a wonderful week!  Alice