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The household income limit has been increased from $50,000 to $60,000 for the Maryland Homeowner Tax Credit Program. This program gives tax credits for qualifying homeowners and can make a significant difference in the amount of taxes paid. The Calvert County Tax Credit program is a supplemental tax credit to the state’s Maryland Homeowner Tax Credit Program.
Only one application is required to apply for the tax credit on both the state and county level. Homeowners must complete an application (HTC-60 Form). The increase for income limits becomes effective on July 1, 2008 . Homeowners who earn less than $60,000 gross (combined) income can apply for the tax credit no later than September 1, 2008 .
Some homeowners will see a property tax increase this year but the increase will be lower than last year’s. Property Assessments are performed every three years for one third of Maryland ’s taxable properties. If you have not had a property increase in the last two years, your property re-assessment will most likely appear on your tax bill this year.
Homeowners may appeal their assessments and may be eligible for a homestead tax credit. Homestead credit caps the amount property taxes can increase for homeowners. The credit is available statewide to qualifying homeowners.
For more information or to complete an application on line, please got to the official website at:
http://www.dat.state.md.us/sdatweb/taxcredits.html
I hope you found this information helpful. Remember, when you need assistance in buying or selling your home In Southern Maryland, I am available to help.
Real Estate is changing throughout the nation. There have been several positive reports in the news lately concerning real estate nationwide.
It seems that most markets have corrected themselves to a level where buyers are willing to buy. Economists feel that the bottom of the mortgage crisis was reached in April. We will still see foreclosures entering the market but the rate of foreclosures is slowing except in California and Florida.
The newest report on Home Prices In America by Global Insight states that there are only 8 markets remaining that are considered over-valued. Five of these are located in Oregon. The report also indicates that 84% of the nation is priced at true market value or is under-value.
Home sales are up locally, here in Southern Maryland as well as nationally. Prices are stabilizing and many areas are beginning to see values increasing. Inventory is decreasing as well as days on market. In truth, most of the nation remained in a stable market even in the worst of the housing recession.
Interest rates have risen slightly and will most likely continue to do so. The Federal Reserve is holding steady on raising interest rates but is watching inflation closely. The opinion on Wall Street and by economists is that the interest rate will rise about a quarter of a percent between October and December of this year.
What does this mean to you as a buyer?
The market is still in the buyer’s favor as are interest rates but for how long, only time will tell. All indications are that the bottom of the market has been reached and the upswing is in the foreseeable future. If you are a buyer, your opportunity to purchase a home at fair market value and better is here.
Interest rates are still low but have risen steadily since the middle of May. Interest rates affect your purchasing power. Now is the time to talk to a lender regarding your ability to buy a home. Studies show that you should not commit more than 28% of your gross income towards housing costs. Fixed rates better assist you in future financial planning versus adjustable rates.
What does this mean to you as a seller?
You can expect to have your home on the market for a shorter period of time and showings should be increasing. If your phone isn’t ringing, look carefully at your pricing. Sellers still face stiff competition in regards to foreclosure sales which will keep pricing down. Sellers must also consider the locality of their property in regards to work commute times. With the current gas prices, location in relation to a buyer’s workplace is becoming increasingly important. Buyers today are also more green living conscious. So, if your home reflects green living, be sure to point this out in your marketing information.
What does this mean to you as a homeowner?
If you have been considering refinancing your home for better rates or terms, home improvements or bill consolidation, don’t wait too much longer as interest rates are expected to continue to rise.
No one, including myself, has a crystal ball when it comes to real estate. All any of us can do is look at today’s market conditions and the indicators coming from real estate studies, Wall Street and economists. Today, things are looking good and appear to be getting better each day.
Buyers, if you need assistance in determining your buying power and the neighborhoods which best match your financial needs and your desires in a home, please contact me.
If you are considering placing your home on the market, please contact me for an evaluation of the current fair market value in your area. Real estate values are very localized, changing from neighborhood to neighborhood.
When you’re looking to invest in land, location is key. As our economy grows, land grows in value. What is worth thousands now can be worth hundreds of thousands, if not millions. in a few years time if you choose the right location.
Unlike a car, land is one thing that doesn’t lose its value over time. So you want to look for land or parcels that are for sale in up and coming commercial areas. The more commercialized the area around the land becomes, the more valuable your land will become.
Buying a low priced piece of land in the right area such as up and coming commercial areas, will help you meet your investment goals early on. Be Patient. You may have to buy the land and wait for development to begin.
When you’re looking for land to buy for an investment, look for a small town that is beginning to grow. Then you’ll want to look for land on a small highway that passes through the town. Towns and cities usually grow commercial and industrial businesses on small highways, which is the perfect spot. Soon someone will want to buy your land to build commercially on it and you will get top dollar for that land.
Contact me when you need help finding the perfect piece of land for your investment future.
Let me start off by answering the title. Chesapeake Beach almost offers too much to name. Some of the great things are a beautiful bayside community, quaint and historic setting, a great quality of life, perfect surroundings, waterfront restaurants, and secluded beaches. Wow, what more could you ask for? Well, let me tell you a little more about it.
Chesapeake Beach was originally created as a resort town sometime before 1920. You can find the city in Calvert County , Maryland . The city can be accessed by Highway 61 giving easy access in and out of town. Chesapeake Beach is surrounded by water on the Eastside, open space to the North and West, and heavily wooded areas and large sandstone cliffs on the Southside. The cliffs themselves are a sight to see. They reach 180 feet above the water. The cliffs are constantly changing due to erosion, making them ever changing and more beautiful every time you look at them.
Chesapeake Beach also has a wonderful school district that is focused on learning. They strive to teach every student the fundamental skills of understanding and knowledge. The success of each student shows on state testing levels and college entrance exams.
The community offers year-round activities for everyone to enjoy. Residents and visitors alike enjoy the community celebrations for major holidays and special events along with beaches; swimming, boating, fishing, sunbathing, water-skiing, the marinas and piers, and much more. Residents enjoy the community centers that offer parks, playgrounds, sports programs for youth and adults, a senior center and game rooms.
The Chesapeake Beach Railway Museum is the biggest attraction in the city. It was constructed in the late 1800s, and closed in 1935 after many years of service. It was closed for some time but was reconstructed and opened in 1979 once more to serve as a history museum. And hey, it’s free!!!
Another great attraction is the Chesapeake Beach Water Park which opened in 1995 for residents to have another great place to splash and have fun. For a more peaceful setting, there’s the Veterans Memorial Park , created to honor and remember our national heroes.
Chesapeake Beach , Maryland has it all. So why not make it your next home?
