Real Estate Information Archive
Blog
Displaying blog entries 1-5 of 5
Helpful Information for City of Wyoming Investors
The City of Wyoming recently made a policy change that is important to note of anyone currently owning or looking to purchase a rental unit within Wyoming units. Now, the Rental Registration Program includes one and two family rental units. While registration is free, there is a fee of $98.00 per unit, and a $500 penalty if the property is not certified or registered.
March 1, 2009 is the deadline for all rental properties to be registered. Program requirements state that inspections will occur on a biennial cycle. A Certificate of Compliance will be issued once inspections are completed and approved. If you have any questions contact the Rental Registration Inspector, David Rupert, at 616-249-3843.
For the registration form, please click below:
http://www.ci.wyoming.mi.us/Building/Rental%20Registration%20Form.pdf
Housing Details in New Stimulus Bill
FEATURE
|
CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008
|
REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
|
Amount of Credit
|
Lesser of 10 percent of cost of home or $7500
|
Maximum credit amount increased to $8000
|
Eligible Property
|
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
|
No change
All principal residences eligible.
|
Refundable
|
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
|
No change
Purchasers will continue to receive refund for unused amount when tax return is filed.
|
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).
|
No change
Same income limits continue to apply.
|
First-time Homebuyer Only
|
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
|
No change
Still available for first-time purchasers only. Three-year rule continues to apply.
|
Revenue Bond Financing
|
No credit allowed if home financed with state/local bond funding.
|
Purchasers who utilize revenue bond financing can use credit.
|
Repayment
|
Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
|
No repayment for purchases on or after January 1, 2009 and before December 1, 2009
|
Recapture
|
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
|
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
|
Termination
|
July 1, 2009
(But note program changes for 2009)
|
December 1, 2009
|
Effective Date
|
Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
|
All revisions are effective as of January 1, 2009
|
First Time Homebuyers Tax Form
As part of Congress's stimulus bill, a generous tax credit is available to those buying a home for the first time. If you qualify, you may get up to $7,500 or 10% of the home's purchase price.
In order to obtain the Federal tax credit for first time homebuyers, you'll want to make sure you fill out the forms below.
While the stimulus bill is still changing within Congress, the latest buzz is that it will change to $8,000 for first time buyers only.
Appealing Your Assessed Home Value
If you have recently purchased a home, or had your home reassessed and are surprised by the assessment, don't lose hope-there is an appeal process. While the City of Grand Rapids requires documented proof and details on your home, the time spent on the appeal could save you big.
To start the process, please view a copy of the necessary appeal form at:
http://www.markbrace.com/links.asp
Click underneath the Assessed Home Value Appeal Link. Once you have all the relevant information gathered, send in the form by February 13, 2009 to:
Office of City Assessor
300 Monroe Ave NW
Grand Rapids MI 49503
Displaying blog entries 1-5 of 5