Atlanta Real Estate Blog

Did you buy a home in the Atlanta area last year?

If you purchased your home last year and have not already done so, file for your Homestead Exemption by the deadline or you won’t get a tax break for another year! Filing a Homestead Exemption can save you thousands of dollars in property taxes! Some states provide this exemption automatically, but in Georgia a homestead exemption must be applied for. Depending on your county, this can be done online, by fax, by mail or in person. You only have to apply for the exemption once and the exemption remains for as long as you reside in the home as your primary residence. A Homestead Exemption provides more than just a tax break. It also provides two important protections. It prevents the forced sale of a home to meet the demands of creditors and provides the surviving spouse with shelter. You may file for homestead exemption year round. Deadlines are listed below by county along with a link for a homestead application. Applications received after these deadlines will be processed the following year.

 Filing for Homestead Exemption

The Homestead Exemption is available to legal residents of Georgia for their primary homes. You are entitled to the Homestead exemption if you owned and occupied your home by January 1.  Senior citizens may have additional exemptions available – check with your county tax office.

Deadline Dates (in parenthesis)

Cherokee County (4/1): 2782 Marietta Highway, Suite 200, Canton 30114 678-493-6120 M-F 8am to 5pm http://www.cherokeega.com/Tax-Assessors-Office/

Cobb County (4/1): 736 Whitlock Avenue, Suite 100, Marietta, GA 30064 770-528-8600 M-F 8:30am to 5pm http://www.cobbtax.org/property/exemptions#BasicHomestead

DeKalb County (4/1): 4380 Memorial Drive, Suite 100, Decatur, GA 30032 404-298-4000 M-F 8am to 5pm http://web.co.dekalb.ga.us/TaxCommissioner/homesteadGen.html

Douglas County (4/1): Douglas County Courthouse, 8700 Hospital Drive, Douglasville, GA 30133 770-920-7272 M-F 8am to 5pm http://www.douglastaxcommissioner.com/

Forsyth County (4/1): 110 East Main Street, Suite 260, Cumming, GA 30040 770-781-2106 M-F 8:30am to 5pm http://www.qpublic.net/ga/forsyth/homestead.html

Fulton County (4/1): You may be able to file at one of the annex centers – please check the website for location nearest you. 141 Pryor Street SW, Suite 1047, Atlanta, GA 30303 404-730-4000 M-F 8am to 5pm http://www.qpublic.net/ga/fulton/basic_homestead.html

Gwinnett County (4/1): Call for application. 75 Langley Drive, Lawrenceville, GA 30046 770-822-8800 M-F 8:30am to 5pm http://gwinnetttaxcommissioner.manatron.com/Tabs/Property/HomesteadExemption.aspx

Hall County (4/1): 2875 Browns Bridge Rd, Gainesville, GA 30504 770-531-6720 M-F 8am to 5pm http://www.hallcounty.org/depts/taxassessor/homestead_exempt_app.asp

Paulding County (4/1): 240 Constitution Boulevard, Dallas, GA 30132 770-443-7606 M-F 8am to 5pm http://www.paulding.gov/index.aspx?NID=210

Rockdale County (4/1): 969 Pine Street, Conyers, GA 30012 770-278-7600 M-F 8am to 4:30pm http://www.rockdalecounty.org/main.cfm?id=2985

Walton County (4/1): 303 South Hammond Drive, Walton County Government Building, Monroe, GA 30655 770-267-1335 M-F 8am to 5pm http://www.waltoncountytax.com/info#returns

 What You Need in Order to File: A copy of the recorded warranty deed, Social Security numbers of all persons on the deed, the mortgage holder, and the amount of the mortgage. Note: Some counties may require a copy of the closing statement and proof of age for senior citizens.

If your county is not listed, please visit the Ga Dept of Revenue online at: https://etax.dor.ga.gov/ptd/county/index.aspx to find information for your county.

On January 20, FHA announced some policiy changes to strengthen its capitol reserves and better position FHA to manage its risks while continuing to support the housing market recovery. Overall, it looks like the new changes are a good balance between the need to make necessary financial reforms and the need to keep FHA Loans available to a large segment of homebuying consumers. The evidence is that FHA has retained the 3.5% minimum downpayment – althought now you must have a certain minimum credit score.

These are the changes FHA has announced:

• The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75 percent. Contrary to reports, FHA will continue to allow the financing of the UFMIP into the loan.
• Borrowers with a credit score below 580 will be required to have at least a 10 percent down payment. The minimum down payment will remain at 3.5 percent for all other borrowers.
• FHA will seek legislative authority to increase the annual premium (currently capped at .55 percent). Over time, increasing the annual premium may allow FHA to reduce the upfront premium.
• Seller concessions (such as seller paid closing costs) will be reduced to 3 percent from 6 percent.

FHA will make the following lender enforcement changes:

• FHA will implement credit watch terminations at lender underwriting.
• Public reporting of lender performance through scorecard system will be implemented.
• FHA will implement, through notice and comment, indemnification against lenders.  Indemnification will be expanded beyond fraud and misrepresentation.
• FHA will seek legislative authority to enforce indemnifications against direct endorsed (DE) lenders.
• FHA will seek legislative authority to sanction lenders nationwide based on performance of a local branch.

Bottom line, FHA will remain one of the best sources for home loans if your cash for downpayments is low, (or you prefer to keep more of your cash) and if your credit scores are not all that stellar but at least 580.

Feel free to contact Robert Whitfield at 678-585-9691 for more information or a referral to trusted lenders.

“Some of us have elder parents who are losing their friends and family. Depression can become a problem in these situations. Social Networking has proven to be a wonderful way to get Seniors back into life! Click on this link to read this article on how Social Networking is giving Seniors a reason to get up in the morning! ” – Robert

Click Here

The following is a well written article about this important first time home buyer incentive aimed at stimulating the economy. As I have said many times before – if you know your job is secure and you have good credit, there has never been a better time to buy an Atlanta home or Atlanta investment property. Robert Whitfield

By Amy Hoak, MarketWatch 2/25/09

CHICAGO (MarketWatch) — First-time home buyers who purchase a home this year can now take advantage of the stimulus bill’s $8,000 tax credit, the U.S. Department of the Treasury said in a news release on Wednesday.

Unlike the previous $7,500 credit available to this group of buyers, the credit outlined in the American Recovery and Reinvestment Act of 2009 does not have to be paid back — if the home remains the buyer’s “main home” for at least 36 months after the purchase date, according to the Internal Revenue Service’s Web site. First-time buyers, for the purpose of this credit, are those who have not owned a home in three years.

Buyers must purchase a home before Dec. 1 to be eligible, and the credit can be claimed on a home buyer’s 2008 or 2009 tax return. Tax returns for 2008 are due by April 15, but most taxpayers can get automatic extensions to Oct. 15 without citing a reason. (You must pay any estimated tax liability at the time the extension is filed.) Filing an amended 2008 return after you buy would also be an option for getting the credit sooner.

“For first-time home buyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit,” said IRS Commissioner Doug Shulman, in a news release. “This important change gives qualifying home buyers cash they do not have to pay back.”

Buyers can claim 10% of the purchase price, up to $8,000, or $4,000 for married individuals filing separately, according to the IRS’ Web site. The credit starts to phase out for those whose adjusted gross income exceeds $75,000, or $150,000 for joint filers.

The IRS has posted a revised version of the form required to claim the credit, Form 5405, on IRS.gov. Visit IRS.gov’s first-time home buyer page.

From one of the greatest Presidents of all time, and the writer of perhaps the best speech ever delivered in human history – and to this writer, the single Greatest American who ever lived…Abrahm Lincolin.

I received the following email from my favorite closing attorney, Brian Dubuc, and had to post this.

During this political season let’s be reminded of these wise words:

You cannot help the poor by destroying the rich.

You cannot strengthen the weak by weakening the strong.

You cannot bring about prosperity by discouraging thrift.

You cannot lift the wage earner up by pulling the wage payer down.

You cannot further the brotherhood of man by inciting class hatred.

You cannot build character and courage by taking away people’s initiative and independence.

You cannot help people permanently by doing for them, what they could and should do for themselves.

Abraham Lincoln

The Robert Whitfield Home Selling Team is excited to introduce our new Atlanta Real Estate blog.  This blog is integrated into www.TheHomeBuyersRep.com  and is easily accessible to buyers visiting our site. We’ll be including real estate news, posting new listings, and providing current information on Metro Atlanta real estate.

We will be posting frequently, so be sure to check back often.  We invite comments and feedback, which can be added to each blog.