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Tax credits available for going green

Posted: 12/9/2009

Still looking for ways to save money and take advantage of available tax credits before the year runs out? Thanks to the American Recovery and Reinvestment Act of 2009, energy efficient tax incentives are available.

In addition to saving money on your utility bills, going green will provide you a refund of 30 percent of the project or installation cost, up to $1,500, for energy efficient improvements to:

- Exterior windows
- Skylights and doors
- Certain metal and asphalt roofs
- HVAC systems
- Gas furnaces
- Oil and propane water heaters
- Biomass stoves.

This credit is available through December 31, 2010.

A 30 percent tax credit for the entire cost, including installation, is available for equipment powered by alternative energies, such as solar power. This tax credit doesn't expire until December 31, 2016.

First-time buyers are eligible for up to an $8,000 credit and now have until April 30, 2010 to be under contract (and close by June 30, 2010).

� Repeat buyers who have lived in their current home for at least five consecutive years of the past eight years are eligible for a tax credit up to $6,500.

� Higher income limits - Both first-timers and repeat buyers may purchase a principal residence up to $800,000. Income limits to qualify have been increased to $125,000 for single tax filers and $225,000 for joint filers.

� Credits are effective NOW - The new legislation replaces the former tax credit scheduled to expire November 30. If you have active buyers who have not closed as of November 6, they now qualify for these credits if they meet the criteria.

� Credits do not need to be repaid - The credits for both first-time buyers and repeat buyers are true credits and do not need to be repaid unless the home is sold within three years of purchase. The credits are claimed on the buyer's federal income tax return filed for the year they purchase their home.

� Interest rates are still historically low and selection is excellent. The rates are likely to rise in March when the Feds will pull back on the purchase of mortgage-based securities. Act now to lock in those low rates.

So what are you waiting for? These programs greatly expand the number of buyers who can benefit. And opportunities for sellers, who have priced their homes to sell, will dramatically increase.

Community Profile is now offered for every property on allentate.com. This online tool provides detailed information about the community where the home is located, including information on population, employment, schools and test scores, housing inventory and climate. The tool also allows you to compare demographics and cost of living of two communities locally, or compare a community in the Carolinas to one anywhere else in the country. This is particularly helpful for individuals considering a move here from another city.

To access, simply click here.

Searching for your dream home in Charlotte North Carolina? Charlotte real estate is just a click away -- Property Search to to see virtually all the homes for sale in the Charlotte MLS. With the Allen Tate Realtors property search tool you'll find charlotte real estate, home pictures, maps, and videos. Would you like to received automated email alerts whenever a home meeting your criteria hits the charlotte real estat market? Be the "First to Know" at My Allen Tate -- You control the search criteria and the frequency of emails to you. When you find a home you like, just save them to your Favorites for easy viewing each time you log on. When you're ready -- or if you just have questions -- simply call or email me Not sure what area of Charlotte is a good fit for you and your family? Allow me to create a more detailed home search for your Charlotte real estate. Just click Help me search

Move to Charlotte NC? Request a free Charlotte relocation packet. It contains everything you'll want to know about Charlotte real estate, homes for sale in Southpark, Lake Norman real estate, Union County real estate, Fort Mill SC real estate, as well as homes for sale in Huntersville, homes for sale Cornelius,and Charlotte condos for sale . I will tailor the information in your Charlotte relocation packet to meet your home wants and needs. You can also find information on Charlotte NC property tax rates, Charlotte public schools, Charlotte private schools, Charlotte day care, Allen Tate Mortgage, Allen Tate Insurance, things to do in and around Charlotte, North Carolina.

Looking for a new construction home in Charlotte, new construction homes in Lake Norman, new construction homes in Southpark, or new construction homes in Union County? I will help you navigate the different neighborhoods and assist you through the entire process of buying your dream home -- and best of all my services as a buyer's agent for homes in the MLS are at no cost to my clients -- whether new construction or existing homes.

Charlotte real estate market. Are you Selling and Buying a home in the greater Charlotte, Lake Norman, Fort Mill, or Southpark area? Ask me how I can help you retain more of the equity you've earned in your SouthPark home for sale. I provide a no hassle - no obligation - personal home marketing presentation at your request.