CASH FOR CAULKERS

Heard of the new "CASH FOR CAULKERS" program the Obama administration is proposing?  Also known as The Home Star Program, if approved by Congress it will offer rebates of $1,000 to $1,500, or 50% of the cost, for simple upgrades, such as windows and insulation, duct sealing, and energy-efficient water heaters, for a maximum of $3,000 per home.

Job creation could be a big selling point with Congress. It's been estimated the program could create 168,000 jobs in construction and related industries. (Andersen Windows refilled 600 positions because of increased demand last year driven by a $1,500 energy tax credit, says Jim Humphrey, CEO of Andersen, which currently employs 10,000 people.)

The concept is based on the popular "Cash for Clunkers" program, which helped spur auto sales last year.  While we're awaiting word on congressional approval, you might want to check out sites like Flex Your Power or EnergySavvy.com for current rebates available.  This may be the year to get some of those home upgrades done for greater energy efficiency.  As President Obama says, "Insulation is sexy!"

Home Buyer's Tax Credit

The Extended Home Buyers Tax Credit offers current homeowners and first-time home buyers alike an incredible tax-saving opportunity when they buy a home through April 30, 2010 (and close on the home by June 30, 2010). First time buyers, who haven't owned a primary residence in the past three years, are eligible for a tax credit of 10 percent of a home's purchase price, up to a maximum of $8,000.  



Current homeowners, who are vacating a principle residence that they have lived in for 5 consecutive years of the past 8 are eligible for a tax credit of 10% of a home's purchase price, up to maximum of $6,500. 


The following conditions apply:

• The tax credit is only awarded on homes purchased for $800,000, or less
• Full tax credit is available to buyers earning up to $125,000 a year, or $225,000 for married couples filing jointly
• Partial tax credit is available to buyers earning between $125,000 to $145,000, or for married couples earning between $225,000 to $245,000.

The tax credit is a dollar-for-dollar reduction in the buyers tax liability, and does not have to be paid back as long as the buyer remains in their home for three years or more. (See "Secrets of the Home Buyer Tax Credit" for more info.) This is a once-in-a-lifetime offer to have Uncle Sam help you buy a house. Don't let this opportunity pass you by!

Click here for more information on whether you qualify for either of these amazing tax credits, and here for information on required forms. And, as always, feel free to contact me for more information or assistance: Laura@ChicoLaura.com

Honey I Shrunk Our Property Tax Bill!

If you purchased your home within the past several years, it may behoove (don't you love that underused word?) you to check on your assessed value, as it's quite possible you are paying more in property taxes than you should, based on today's lower values.

I recently came across this well-written online article, "How to Get Your Property Taxes Reduced," and thought I'd share it with my dear blog readers.  It may take a little leg- and homework, but hey, if it saves you $$ in the long run, it may be time well spent.

As always, if we can be of any help, don't hesitate to contact us.  And if you have been through this "reduction" process (whether successfully or not) and would like to share your story, please do, and we'll include it (no actual names/addresses, of course) in a future blog posting.

Note:  While cruising sites such as Zillow is a fun activity, please understand such sites do NOT necessarily provide an accurate "market analysis" for your home.  The ChicoLaura Team is always happy to provide that service--no cost or obligation--if you are considering selling your home or need support documentation for your tax reduction effort.

POSTAGE IS GOING UP AGAIN! On May 12, 2008, postage is going up one cent on first class stamps. However, if you purchase stamps now at 41 cents with the"forever liberty bell" logo, you can send your mail after May12 with them being honored for the 41 cents you already paid. It's time to stock up on stamps. A two-ounce letter will be 59 cents and postcards will be 27 cents. Check with the post office or go to http://www.usps.com/ for more information. Those pennies add up as we all know! Skip the pretty picture stamps, get the forever stamps, and save!