There’s still time…
As 2008 is quickly drawing to a close, there are still buyers who are “on the fence” about signing that purchase contract right now. If you are considering purchasing a home for your personal residence, probably the most important reason to purchase before the end of the year is the ability to file for homestead exemption for the year 2009. This will provide a substantial tax savings, not only for 2009, but for the entire amount of time you intend to use the property as your personal residence.
In addition, the homestead tax exemption was recently raised to $50,000 per tax year and is now “portable” for those homeowners who would like to move up to a larger home or downsize for retirement. For additional information, please contact the Bay County Property Appraiser’s Office at http://www.baypa.net.
There are many additional reasons to buy in Bay County even if you miss the December 2008 deadline for homestead purposes: low interest rates, very affordable housing, a $7,500 tax credit for first time home buyers, and others. Look for additional information on these great opportunities in the upcoming weeks of 2009.
Have a safe, happy and prosperous new year.