Governor David Paterson recently proposed an Executive Budget for 2010-2011 that includes a spending cap to control state spending. Tied into the cap is a property tax circuit breaker that would provide property tax refunds to New York's working families. The cap puts New York State on a path to economic recovery that will lead to future budget surpluses -- which will then be returned to taxpayers through property tax relief. Under the 2010-2011 Executive Budget, the spending cap would require sufficient spending cuts to generate a more than $1 billion surplus in the 2011-12 fiscal year. This will be returned to tax payers through a circuit-breaker tax credit that will result billions of dollars in property tax relief.
The circuit-breaker benefit will be calculated by limiting the property tax burden to a specified percentage of a tax payer's income. That percentage would decrease based on the size of the State’s surplus. And as New York’s fiscal condition improves, the circuit-breaker program could provide tax payers with an increasingly larger benefit, since they would pay an increasingly smaller percentage of their income in property taxes. "The amount of recipients and the average value of the benefit would increase based on the size of the State’s budget surplus. At the close of each fiscal year, the NYS Department of Taxation and Finance would calculate the benefit after the Division of the Budget has certified the size of the surplus and directed a portion to the Rainy Day Fund. Average projected benefits are included below:"
Surplus
Recipients
Average Tax Credit
$100M -$500M
868,000
$589
$500M-$1B
1,063,000
$943
$1B-$1.5B
1,322,000
$1,129
$1.5B-$2B
1,668,000
$1,188
$2B-$3B
2,125,000
$1,405
source:http://www.cc.ny.gov/view.cfm?view=7BEEFF3E-5056-9D0B-1A88294EB2803E4C_8690D701-C293-B74F-A79B237D5135AF7A
Amanda’s LawCarbon monoxide alarm requirements to go into effect February 22, 2010
As the result of legislation, Amanda’s Law will go into effect on February 22, 2010. It requires essentially all residences, both new and existing, to have carbon monoxide alarms installed. They will be required to have at least one carbon monoxide alarm installed on the lowest story having a sleeping area for each living unit.
For more information go to the following website.
http://www.dos.state.ny.us/code/COAlarm.htm
Carbon monoxide detectors ten years or older should be replaced with new ones to protect you from dangerous carbon monoxide levels.
The IRS has released a new form that will be needed to file for the Homebuyer Tax Credit. They also anounced that the processing of these claims will begin in mid-February 2010.
For more information & for a link to the form, you can follow this link:
http://www.irs.gov/newsroom/article/0,,id=218336,00.html
Mendon Ponds Winterfest Sunday Jan. 17, 2010
Seneca Siberian Husky Club
Dog sled "fun" race/ exhibit
Looking for sledders & skijorers!
Course is aproximately a little over two miles on the South Meadow Trail of Mendon Ponds.
Registration begins at 9 am in the horse trailer parking lot directly across street from race course. There is no registration fee.
Race begins 11:00 am. Mushers meeting at 10:30 to review course.
No class distinctions. Will place race order according to experience and number of dogs to try and make it as safe as possible. ie. We will run the skijorers first. We run the teams with plenty of time in between and no head on passing. The point of this race is safety and is mainly for fun and to gain experience. Recommended not to run more than a four-dog team. Any participants under 18 must wear a helmet.
There will be a patrol car at the road and plenty of assistance for getting to the trail. Course description of the South Medow trail is following the map on the attachment. We will be running the red trail in the South Meadow, counter clockwise, turning at first left (not red but gray trail) to avoid a big nasty hill and sharp turn. Wide trails that are well groomed with a groomer.
Plenty of dog truck parking in the Horse Trailer Parking area.
Please contact Amy Cochrane (585)243 5516 or email: amydavidbella@aol.com if you are interested in participating.
Location and Directions:
The park office is located at 95 Douglas Road, Honeoye Falls, NY 14472. Mendon Ponds Park, approximately 10 miles southeast of Rochester, is located south of the New York State Thruway I-90 in the Towns of Pittsford and Mendon. It is bordered by Clover Street on the west and Pittsford-Mendon Center Road on the east.
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Warning! - Phony IRS E-mail Lands In Many Inboxes
According to IRS.gov, a phony e-mail claiming to come from the IRS has recently been circulating in large numbers. The subject line is typically "Notice of Underreported Income," and the e-mail may contain an attachment or link to a bogus webpage directing taxpayers to their "tax statement." In either case, when the recipient opens the attachment or clicks on the link, they download malware including the hard-to-detect Zeus Trojan. This malicious code can take over the hard drive, giving someone remote access to the computer, or it could look for passwords and other information and send them to the scammer to gain access to bank accounts. Researchers estimate that the Zeus criminals are emptying more than a million dollars per day out of victims' bank accounts with the software, and it's the most prominent spam-delivered virus in the world right now. Please remember that the IRS does not send unsolicited e-mails to taxpayers about their tax accounts. If you receive an unsolicited e-mail claiming to come from the IRS, do not open any attachments or click on any links. Those who believe they may already be victims of identity theft should find out what to do by going to the U.S. Federal Trade Commission's website, OnGuardOnLine.gov.
BPS Payroll
803-487-3578 Phone
803-746-4991 Fax
San Diego, November 11, 2009
The National Association of Realtors®(NAR) was the main proponent in getting the homebuyer’s tax credit extended into 2010 and expanded to include present homeowners.
“NAR is the leading advocate for private property and homeownership issues, and firmly believes that those who are in service to their country should be full participants in the homebuyer tax credit law,” said NAR President Charles McMillan, broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “These men and women are often hindered by hardships from full participation in the American Dream of homeownership because their duty disrupts them in the buying and selling of a home.”
Two special provisions in the present tax credit law assist members of the military, intelligence and foreign services in taking advantage of the homebuyer tax credit, said McMillan.
Armed services members, as well as intelligence service and foreign service personnel, who are on active duty and out of the U.S. for 90 days during any part of 2009, get an additional year to buy their homes, to May 1, 20ll.
Another benefit is a waiver on the time of occupancy of the home purchased with the tax credit. Homebuyers who purchase their home using the tax credit must use that home as a principal residence for a period of no fewer than three years, or must forfeit the entire credit. Military, intelligence and foreign service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business.
First-time homebuyers who are eligible can obtain a tax credit of $8,000. Current homeowners are eligible for a $6,500 tax credit, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years.
Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Merry Christmas
and
Happy New Year!
I am looking for land suitable for hunting within 30 minutes of Brockport for a client. Please let me know if you have or are aware of available land.
Thanks for your help!
December 3, 2009 -- Realty Times Feature Article by Broderick Perkins
Your credit score, a numerical rendition of your creditworthiness - or lack thereof - should be at 760 or above if you want the best interest rate, according to FICO, the leading credit scoring system provider.
Mortgage lenders as well as other creditors take a hard look at your credit score when you want to borrow against your home, refinance or buy anew.
If you are struggling financially as a homeowner you may be considering some of the new ways to make your mortgage more affordable, but beware.
Look beyond the savings you can net on a mortgage modification, workout or short sale and carefully consider how those savings could affect your credit score.
According to FICO, if you:
• Get a mortgage modification or short sale, expect some negative impact. There are many variables here: how the lender reports the deal; what's already on your credit report (negatives compound), etc. A loan modification or short sale are certainly less damaging than a foreclosure or bankruptcy.
Consumer Reports' Money Advisor suggests that before you enter a mortgage modification or short sale, ask how the lender will report it so you can weigh your priorities. If you need the break, take the deal sooner rather than later, even if it will hurt your credit score. Negatives on your credit file are removed after seven years. The sooner you get the clock ticking, the better.
• Are rejected for a loan several times, expect a small negative. It's the inquiries the credit scoring model sees, not the rejections. Too many rejections may indicate you are trying to pile up a lot of credit in a short time and that's deemed risky behavior.
Consumer Reports advises loan shop within a 14 to 30 day period. FICO counts all mortgage inquiries within that period as one inquiry. Also consider applying for credit in person so you can ask about the lender's requirements and your chances for approval. If one lender's underwriting standards are too tight, seek a more lenient lender, Consumer Reports also advises.
• Have a subprime or adjustable rate mortgage (ARM) on your credit report, expect zero impact. The FICO scoring system isn't privy to the underwriting terms of your loan. Keep making payments on time and or refinance to a lower fixed rate if you can and you'll keep your score intact or boost it over time.
• Get debt relief from a credit counselor, expect a ding. That's because you aren't living up to the original terms of the credit agreement. Get the help if you need it, again, the sooner you begin to correct credit problems, the sooner they leave your credit file.
Consumer Reports advises working with certified counselors from the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling. For housing issues, see counselors certified by the U.S. Department of Housing and Urban Affairs
• Get a "goodwill correction" from your lender, expect a positive effect on your credit score. If, say, you were late once on your mortgage and never again in several years, it can't hurt to ask your lender to remove the one ding.
• Pay the mortgage but fall behind on other bills, expect black marks that negatively effect your credit score. FICO doesn't weigh your payment history on one type of loan more than another.
Consumer Reports says there are no "less important" creditors when it comes to your credit score. Call creditors before you get into trouble and try to work something out.
http://www.google.com/profiles/RochesterHomesForSale
What's yours?
The embers glowed softly, and in their dim light,I gazed round the room and I cherished the sight.My wife was asleep, her head on my chest,My daughter beside me, angelic in rest.Outside the snow fell, a blanket of white,Transforming the yard to a winter delight.The sparkling lights in the tree I believe,Completed the magic that was Christmas Eve.My eyelids were heavy, my breathing was deep,Secure and surrounded by love I would sleep.In perfect contentment, or so it would seem,So I slumbered, perhaps I started to dream.The sound wasn't loud, and it wasn't too near,But I opened my eyes when it tickled my ear.Perhaps just a cough, I didn't quite know, Then thesure sound of footsteps outside in the snow.My soul gave a tremble, I struggled to hear,And I crept to the door just to see who was near.Standing out in the cold and the dark of the night,A lone figure stood, his face weary and tight.A soldier, I puzzled, some twenty years old,Perhaps a Marine, huddled here in the cold.Alone in the dark, he looked up and smiled,Standing watch over me, and my wife and my child."What are you doing?" I asked without fear,"Come in this moment, it's freezing out here!Put down your pack, brush the snow from your sleeve,You should be at home on a cold Christmas Eve!"For barely a moment I saw his eyes shift,Away from the cold and the snow blown in drifts..To the window that danced with a warm fire's lightThen he sighed and he said "Its really all right,I'm out here by choice. I'm here every night.""It's my duty to stand at the front of the line,That separates you from the darkest of times.No one had to ask or beg or implore me,I'm proud to stand here like my fathers before me.My Gramps died at 'Pearl on a day in December,"Then he sighed, "That's a Christmas 'Gram always remembers."My dad stood his watch in the jungles of 'Nam',And now it is my turn and so, here I am.I've not seen my own son in more than a while,But my wife sends me pictures, he's sure got her smile.Then he bent and he carefully pulled from his bag,The red, white, and blue... an American flag.I can live through the cold and the being alone,Away from my family, my house and my home.I can stand at my post through the rain and the sleet,I can sleep in a foxhole with little to eat.I can carry the weight of killing another,Or lay down my life with my sister and brother..Who stand at the front against any and all,To ensure for all time that this flag will not fall."" So go back inside," he said, "harbor no fright,Your family is waiting and I'll be all right.""But isn't there something I can do, at the least,"Give you money," I asked, "or prepare you a feast?It seems all too little for all that you've done,For being away from your wife and your son."Then his eye welled a tear that held no regret,"Just tell us you love us, and never forget.To fight for our rights back at home while we're gone,To stand your own watch, no matter how long.For when we come home, either standing or dead,To know you remember we fought and we bled.Is payment enough, and with that we will trust,That we mattered to you as you mattered to us."
-Unknown
Christmas will be coming soon and some credit is due to our U.S service men and women for our being able to celebrate these festivities. Let's try in this small way to pay a tiny bit of what we owe.
Make people stop and think of our heroes, living and dead, who sacrificed themselves for us.
You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:
Documentation of Purchase
Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms.
When to Apply the Credit
Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.
Buyers purchasing in 2010 will have the option to:
If you, or your client, purchased a home between January 1, 2009 and November 6, 2009, please see: How to Get the 2009 First-Time Home Buyer Tax Credit.
Applying the Credit to Your 2009 Taxes
You will need to do three things to claim the credit on your 2009 tax return:
Amy Merrill Earns NAR Short Sales and Foreclosure Certification
Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales
Rochester, NY November 7, 2009 — Amy Merrill with Prudential Discover Real Estate has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”
The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves.
President Obama has approved the extension and expansion of the 2009/2010 Home Buyer Tax Credit!
To see the details, click here: http://www.amymerrill.net/The+Basics%3a+Extended+Home+Buyer+Tax+Credit+2009%2f2010
And, as always, please contact me with any questions!
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies for the Extended Credit?
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
Each home buyer’s tax credit is determined by tow additional factors:
PriceUnder the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer IncomeUnder the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
The Senate voted yesterday to pass an extension of the first-time homebuyer tax credit until April 2010.
This does not mean that the tax credit has been extended. President Obama still needs to sign it into law. The bill, H.R. 2548 is primarily to extend umemployment benefits and was amended to include the extension of an $8,000 tax credit for those buying their first homes as well as a $6,500 tax credit for qualified borrowers buying a home for a second time. However, the tax credit can still be removed from the final wording of the bill, if placed under further review.
Check back for updates!
Happy Halloween!
First-Time Homebuyer Tax Credit Status Update
With the November 30th deadline just over a month away and now virtually out of reach for any qualified buyers who have not signed an offer, there has been a lot of discussion of the First-Time Homebuyer Tax Credit and its future. I would like to briefly update you on that status and what GRAR is doing to push it along.
THIS JUST IN...
The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.The Extended and Expanded Tax Credit will contain the following provisions:Amount: $8,000Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)Income Limits: $125,000 for single filers / $225,000 for joint filersTime Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required be in their current home for three year period.
Sincerely,
Peter Stoller
Director, Communications & Government Affairs
There will be a "Meet and Greet" Networking Event Wed. Oct.28th Put on by The Italian American Business Network 5-8pm @ 1250 Buffalo Rd.(Gates)
Free to attend, vendor table is $15.00
This event is intended to allow the general public an opportunity to meet and greet people from businesses in our community, as well as allow a business to business networking opportunity. We want to make this networking a "live yellow book experience".
Follow this link to read about Rochester
http://money.cnn.com/galleries/2009/real_estate/0910/gallery.housing_price_forecast/4.html
Follow this link to read the full article
http://money.cnn.com/galleries/2009/real_estate/0910/gallery.housing_price_forecast/index.html
In August, Governor David Paterson announced that New York will be offering a federal income tax credit to first-time homebuyers to encourage home sales in New York State. The New York State Mortgage Credit Certificate Program (MCC) was designed to enable first-time homebuyers to claim a tax credit equal to 20 percent of their annual mortgage interest costs saving the average homebuyer around $1,500 a year. The program expanded the $8,000 First-Time Homebuyer Credit, which expires on November 30, 2009.
As of October 19th, the New York State Mortgage Certificate Program funds have been exhausted and are only available in target areas. Your lender can determine if the property you are purchasing is located in a target area.
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