Chattanooga Real Estate Blog

Home buyers tax credit extended and expanded to include  current home owners.  Lets go!!!!

The House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

The $8,000 tax credit for first-time home buyers would be extended and some people who already own residences could claim a benefit under a proposal by Senate Democrats.

An agreement reached and passed by the Senate would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years.

A quick summary of some of the highlights include:

— The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).

— Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more.

— The tax credit would sunset on April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit as long as they complete the transaction within 60 days.

A House Democratic aide said House leaders would likely adopt whatever language the Senate approves.

Democratic presidential front-runner Sen. Hillary Rodham Clinton wants an end to prepayment penalties for home mortgages and a $2 billion federal fund to help homeowners avoid foreclosure. Clinton also wants the government to impose new disclosure requirements on mortgage brokers and curb their ability to dictate lending terms.

“We need to act now with smart, practical solutions to strengthen our housing and mortgage markets,” Clinton told The Associated Press. “We need to put an end to fly-by-night mortgage brokers peddling loans to unqualified applicants based on inflated appraisals.’”

You Go Girl!!!

Real the entire article with both Republican and Democratic thoughts, plans and ideas on our current foreclosure crises at ForeclosurePulse Blog.

Residents of East Ridge can breath a sigh of relief.  The feared 20 cent property tax increase on top of the 26 cent increase in Hamilton County taxes was voted down.  Yeaaaaa

Well, it’s done.  The Hamilton County commission voted this morning to raise our property taxes by 26 cents. 

Curtis Adams, Richard Casavant, Greg Beck, Warren Mackey and John Brooks I hope you enjoy your last terms in office.  If the voters in your districts vote you back in next election then they deserve whatever you do to them.

Larry Henry, Fred Skillern, Bill Hullander and Jim Coppinger THANK YOU for standing up for what is right. 

East Ridge Mayor Mike Steele will be recommending a 20 cent tax increase to the council Thursday night.

"Mayor Steele said that even with the increase, the $1.27 tax rate is one of the lowest in Hamilton County and one of the lowest for a city the size of East Ridge."  According to the Chattanoogan.

Hamilton County Commission Chairman Larry Henry says he will not support the property tax increase because it is not needed. 

His reasons were exactly as I posted previously.  BEP money and county growth are the equivalent to a 26.2 cent increase so he sees "no justification for this tax increase."

I have been waiting to weigh in on this subject basically because I thought I should cool off a little and not say something I would regret.  Earlier this month we discussed it in a meeting at the Chattanooga Association of REALTORS Governmental Affairs committee and my blood pressure was up by the time I walked out.

Have the county commissioners forgotten they were elected on campaign promises of not raising taxes?  Apparently it doesn’t matter because the election is over and by the time the next election rolls around we will have forgotten that they lied the previous time.

Hamilton County had 2500 new parcels of land platted this year that increased the tax base.  And I guess the $10,000,000 extra a year and the one time allotment of $48,000,000 from the BEP program isn’t enough.  Yes, all those zeros are correct, as in MILLIONS.  Oh right, I forgot, before it was a done deal the commissioners were saying if we got BEP money they wouldn’t need to increase taxes.  Well, we got it!  Why is a tax increase under consideration again?  As usual, county commissioners are using our children as an excuse to take, take, take.

Call your county commissioner about this.  It’s insane.

A lot of changes are taking place on Signal Mountain these days.  Officials are going to be holding a meeting Tuesday at 7 pm at Nolan Elementary to revisit the current Comprehensive Land Use and Transportation Plan.  This will be a public meeting and officials promise it will be a "talk and contribute" meeting for all. 

Plan to discuss how the city will handle the new middle and high schools and the growth that this is going to bring.  A major issue will be the sewer system.  It must be expanded to accommodate the 1500+ new homes expected to go up on the mountain.

Both residents and non residents are encouraged to attend in order to contribute ideas and suggestions.  According to Councilwoman Susan Robertson:  "Signal Mountain is armed with new ideas and is excited to begin discussions as it moves toward a plan for sustainable growth which will also preserve and protect its mountain character".

The city of Chickamauga has worked a deal to purchase the Gordon Lee Mansion for 1.5 million.  There is a lot of history here that needs to be preserved.  The city can get grants along with federal and state funds to preserve it and promote tourism where the private owner was not able to do so. 

I think this is great!  Now the house will be preserved without fear of it being torn down to make room for a big box store or parking lot. 

For those of you not familiar with the Gordon Lee Manion it was an antebellum plantation house built in 1847 by James Gordon.  It is the only structure left standing that was used during the Battle of Chickamauga during the Civil War.  A short history can be found here.