Los Angeles Tax Credit Again! Read Below For More Details!
March 18th, 2009 categories: Money and Mortgages
Great News for qualified Buyers! The state of California is offering a tax credit for qualified buyers who between 3/1/2009 and 3/1/2010 purchase a qualified principal residence that has never been occupied, per Steve Kenilvort, Mortgage Expert from First Capital.
Below are explanations of what a qualified buyer is, what an acceptable property type is and what a qualified principal residence/new home is.
A Qualified Buyer: a taxpayer who purchases a qualified principal residence.
A Qualified Principal Residence/New Home: defined as a single-family residence, whether detached or attached, that has never been occupied and is purchased to be the Principal residence of the taxpayer for a minimum of two years and is eligible for the property tax homeowners exemption.
Acceptable Property Type: Any of the following can qualify if it is a principal residence and is subject to property tax, whether real or personal property: a single family residence, a condo, a unit in a co-op, a houseboat, a manufactured home or a mobile home.
If you are interested in learning more about this tax credit, please contact Steve Kenilvort at skenilvort@firstcapitalmtg.com or his Partner Elly Carleton at: ecarleton@firstcapitalmtg.com.