$8,000 First-time Home Buyer Tax Credit at a Glance

  • The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The tax credit applies only to homes priced at $800,000 or less.
  • The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
  • For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
  • For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

  • To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
  • The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
  • The tax credit applies only to homes priced at $800,000 or less.
  • The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
  • Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

AS A CONSUMER IN THE REAL ESTATE MARKET, YOU WILL BENEFIT FROM THE SERVICES OF AN EXPERIENCED REALTOR THROUGHOUT THE HOME BUYING OR SELLING PROCESS.  BUT EVEN THOUGH YOU MAY NOT BE FOOTING THE BILL, IT’S IMPORTANT THAT YOU UNDERSTAND HOW REAL ESTATE AGENTS ARE PAID.

DID YOU KNOW…..

  • Sales associates are self-employed, and receive no salary or benefits.  They get no paid vacation time, insurance, company cars or expense accounts from the firm they work with.
  • Sales associates are only paid for results - if and when they successfully complete a property transaction.
  • Most sales associates are paid the same whether a buyer purchases a home listed by their broker or another company broker. 
  • As independent contractors, sales associates have ongoing out-of-pocket expenses similar to those of any small business.

BUSINESS EXPENSES:

  • Property Advertising
  • Advertising and marketing of their services
  • Marketing materials and direct mail
  • For sale sign deposit
  • Lock boxes, open house signs
  • Total inventory marketing fee
  • MLS access fees
  • Computer hardware and software
  • Long distance, cellular and/or paging service
  • Postage and courier fees
  • Business cards, stationery, office supplies
  • Business insurance, self-employment tax
  • Continuing education courses
  • Personal assistant (salary, taxes)
  • Fuel costs, maintenance and mileage on vehicles
  • And, some pay monthly office rent

So when you consider a real estate agent to help you when buying or selling a house please understand that it costs them considerably to work with you whether they end up closing a transaction with you or not.

The Clark County Board of Education will again host a community forum as part of the superintendent selection process.

The forum was scheduled for 6 p.m. Feb. 10 in the George Rogers Clark High School library and approved during a special board meeting Thursday night.

The forum will give the public a chance to offer their criteria for a new school superintendent, board chairwoman Judy Hicks said.

During the district’s superintendent search three years ago, approximately 80 people attended the forum, she said. This forum should function approximately the same way: soliciting ideas and suggestions from those affected by education, but not directly involved with the process.

The public school PTO presidents or designees selected Beth Griffith to serve on the selection committee as a parent representative.

I know to a lot of you right now seems like there is a lot of uncertainty and you are afraid you can’t qualify for a loan or just think it is not the best time to buy.I just want to give you the facts:

1.  Mortgage rates are at an all-time low 30 yr. fixed 5.12% as of 2-18-09

2. Central Kentucky has 8 months or more of inventory (houses on the market)

3. For the first time in history if you have not owned a home in 3 yrs and purchase one before Dec 1, 2009 you could qualify for up to $8000 tax credit for 2009.

4. You can build your own wealth by owning instead of renting your home. Also, gaining more tax benefits.

5.  You will be informed throughout the buying process and I will be there for you even after the closing.

6.   I will help you understand what it takes to qualify, how much money you will need to have before you can buy and what your payments will be.

So give me a call now and let’s get started.  Take advantage of this opportunity it may not be around for long!

    

 

 I’d be happy to send you a detailed Report

“How To Get The Home You Want, At The Best Price
And Financing Rate, With The Fewest Headaches!”

Shari Crisp

859-229-5945

shari@ShariCrisp.com

 

 

Your monthly Rector-Hayden Market Report is here!

 

 
 

Shari Crisp
Rector-Hayden Realtors

Office: 859-737-3222
Cell: 859-229-5945
Email: sharicrisp@rhr.com












 

Martin Luther King Day January 19th No School
Spring Break March 30 – April 3rd No School
Election Day & Portfolio Day May 19th No School Teachers Only
Memorial Day May 25th No School
Last Day for Students May 27th
Closing Day for Teachers May 28th

http://www.clark.kyschools.us/District/Board/board.htm

William Swope
District 2

Wendy Berryman
District 5

Board Members returning

Judy Hicks
Chair
District 4

Debbie Fatkin
Vice Chair
District 3

Rick Perry
District 1
 

CLARK COUNTY BOARD OF EDUCATION

 

SPECIAL MEETING

 

January 20, 2009, 6:30 P.M.

 

BOARD ROOM

 

Clark County Public Schools joins with the

community to provide a safe, caring environment

in a financially responsible manner for each student to achieve excellence.

Meeting Agenda Architect Review and Update of Current Building Plan

Public is encouraged to attend this meeting for input.

 

The School Board Meeting that was scheduled for tonight was rescheduled for January 20 at 6:30 and is open to the public for comments on the building plan.  This concerns our entire community so everyone should make a huge effort to be there whether you have a student at GRC or not.  Even if you don’t have a student in school you still have input as you pay taxes to the school board in Clark County. Students are encouraged to come as well since this affects their future in our community.  Hopefully we can gain insight pertaining to the facilities plan and how it affects our community.  Every citizen in Clark County has a right to be informed but if you don’t attend you won’t have all the details.

It seems our Superintendent for the past three years did not feel he could lead our school district adequately so therefore turned in his resignation effective June 2009.  http://www.winchestersun.com/public_html/?module=displaystory&story_id=17327&format=html 

Dr Musgrove states he wants to see the school board go back to a Student-Centered focus.  It is with regret that I for one see him leave.  I felt Dr Musgrove had a very positive attitude and desire to improve the quality of education this school district deserves. He came into this position with a lot of deficits to deal with.  We were in the hole so to speak and now are operating with a 5% contingency fund. 

We will start the new school year off with 2 new school board members.  Some of the board members would like to see the facility plan reversed or revised so it is expected we will have even more controversy in the near future. Will we get the new high school in 2012? I know there is a lot more to the plan as it stands but what concerns me if we go through this process again and a decision is reached to revise the plan will it be interrupted because not everyone agrees with parts of the plan? 

I hope the School Board members can find a path to unity as well as improve the public’s opinion with better communication and encourage more involvement from the people who elect them and pay taxes that support this district. 

November PTO Member Meeting
November 11, 2008 6:30 pm at GRC library
 

Meeting was called to order by PTO President Shari Crisp

New Business - anyone interested in serving as PTO Officer (no response)

Speakers- Cora Heffner explained what Partners In Education role was and programs they currently have in place. 

Debbie Fatkin and Ray Shearer where present from the school board.  Judy Hicks and Rick Perry where present before meeting started but struck their name from the sign in sheet and left the meeting so as not to create a Forum which would have required a public meeting announcement.

This is a synopsis of the Q & A with much of the information given as a dialogue from Debbie Fatkin.

 How was the decision to build a new high school reached? 

Originally the plan was to renovate Fannie Bush Elementary but after an evaluation and estimates of the required repairs the state denied any funds to do the renovations.  The state requires a plan every 4 years for repairs and other needs.  A committee of 18 members was formed which involved parents, teachers, principals, school board members and other people outside the school system.  In August 2006 the 18 member committee visited each school in Clark County School District and spoke with the Principals to determine the equity of the building, needs and condition. The plan was then devised after a series of more than 30 meetings.  Everything it incorporates must be approved by the State.

 Why was the decision made to close schools?

The state does not allow renovation of buildings with enrollment of 300 students or less so the plan was to close Hannah McClure, Fannie Bush, Pilot View, Trapp and Providence Elementaries and consolidate the middle schools.  Another Elementary building will be constructed behind Central Elementary to hold 600 students that will replace Central Elementary which holds 450 students and replace Fannie Bush.  Conkwright would become another elementary.  The smaller schools require more teachers with fewer students in each class and consolidating them as well as proper planning would require fewer teachers per school.  It was determined that closing the schools could save the school district as much as $250000 a year per school.  The cost of maintaining these buildings, utilities and payroll are all factored in. Ray Shearer commented that he voted against the plan because the size of the new schools after consolidation would make the student body outside the states recommendation for best practices in education.   

What happens to the old buildings?

They can be sold.  The existing high school will be modified to hold the middle school. Hannah McClure will reopen as a Preschool to house 350 students. 

Why was the location on Hwy 627 Boonesboro Road chosen?

The school board evaluated approximately 10 different potential sites that would provide 50 acres or more of useable property recommended by the state and most were eliminated because of location and/or availability of utilities.  The board physically looked at 8 or 9 sites and of those the 89 acre property on Hwy 627 was decided upon because of the ability to expand later and the cost per acre was lower than other sites they evaluated.    

Concerns from the membership where the safety because of heavy trucks traveling on Hwy 627 and the lack of traffic lights and turn lanes,  no fire station to respond in the area that was close enough and had man-power to respond, creating more flooding in the neighborhoods off Old Boonesboro Rd.

There would be two entrances into the facility and the Board would be petitioning the state for traffic lights and turn lanes.  The new building will have its own fire suppression system and the board will address additional fire coverage with the mayor and fire departments.  The building construction is not expected to disturb any property in the bottom area of the site that would cause any other flooding in the neighborhood behind the site but the school board will consult with the architect to clarify the water retention concern. 

What is bonded currently and how much? What is expected in the 2nd phase? 

The 1st phase is bonded for $38 million which will build a new high school facility that will house 1700 students and every square foot will be utilized.  A much larger cafeteria which will allow scheduling to dictate the lunch times.  Currently the cafeteria controls the scheduling because they have to have 11 separate lunch periods only allowing students around 20 minutes for lunch.  They expect the new cafeteria to accommodate large enough student groups that would require only 3-4 lunch periods.  A new Science Lab so students can perform experiments in a safe laboratory environment.  A state of the art technology room that can serve as a computer center as well as other classes.  The 2nd phase will offer an auditorium, a Freshman wing, a performance gym and extra space for teacher planning periods at a cost of $15 million. 

What about security in such a large facility? 

The new high school will have a security room for School Resource Officers to monitor cameras located throughout the building. The layout of the building will be more open with fewer hiding spaces and corners.  Principal Parido made a statement that in such a large student body the most important need for a student is to feel safe.  

 When is the projected completion date?

The original date was the Fall of 2011 but due to the delay in finding and closing on the location it will be Jan 2012. In order to close, surveys such as Geotechnical, road service evaluation, boundaries, as well as title searches were required. This held up the architect’s ability to provide the schematic design which is the next step now that the property has been purchased (they closed on Monday Nov 10).

Will the public have any input in the final design of the building? The answer is yes; the community and high school staff were and will continue to be consulted. Prior to preliminary designs of the building the teachers along with teams of students were consulted.

Comments from Principal Parido:

The biggest problem facing our school right now is the lack of resource teachers and curriculum specialists that other schools have which aids the teachers allowing them to spend more time educating students. We also have had a large increase of students who qualify for free and reduced lunches up to 50%. Our community is experiencing a high poverty rate. We also have no alternative placement for students who cannot learn in the environment at GRC because of the lack of funds this beneficial program was ended.

The consensus of the group is that there needs to be an improvement in the Public Relations but there was no funds available for that. Regardless of where either side stands on the issue or issues the one thing that is important is giving our Future Citizens the best education they can in a safe environment and with the best resources available. Due to the lack of revenues from the local tax and allotments from the state, our school district is falling way behind our surrounding counties. In building a new High School it is the expectation that it will give our students “Pride” in their school and a feeling that the community cares.

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