New Housing Act

We’ve had a lot of people asking questions about the new housing act that was signed in to law by President Bush last week. There are a lot of helpful housing provisions in the act. However, there is a lot of confusion as to what is in the act. There is one item in the act that caught my eye and is garnering a lot of attention as follows:

“If you have not owned a house during the last three years, or are considering buying a first home, and you close on a purchase before the end of next June, you may be eligible for a credit of as much as $7,500 against your federal taxes for 2008 or 2009 ($3,750 if you file taxes as a single person).” Check out:

http://www.latimes.com/business/la-fi-harney3-2008aug03,0,6352284.story

Protecting our Homes from more taxation!

I realize this is only August, but I’m sending this to give you all a “heads up” with regard to what’s coming up on the ballot In November. There will be an issue about protecting our homes FROM more taxation. I urge you to vote YES to this measure. Because on most taxation issues, people vote “no,” this ballot may be defeated if we’re not careful to let others know to vote YES. A “YES” vote means you are AGAINST further taxation on your homes. The tax would only occur when you sell your home because it is a home transfer tax. However, on a $200,000 home, for example, with the combined state and local taxing authorities, the tax would be $3940. That amount would be charged against the property and would be paid at close of escrow! It’s coming out of your proceeds from selling your house, folks!

Please forward this to all your homeowner friends and relatives, so that we are not further taxed by the government. Remember vote YES!

Here’s a link to the measure:

http://www.protectourhomes.com/home/

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