Georgia Rides to the Capitol

March 3, 2009
12:00 am	to	11:40 am

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W H O

Metro Atlanta Mayors Association (MAMA), Georgia Bikes!, and event sponsors will host over 1,000 cyclists from the metro Atlanta region. Police-escorted rides will depart from Decatur and Roswell led respectively by Mayor Bill Floyd and Mayor Jere Wood as well as other mayors and public officials from the region.

W H A T

During the fourth annual “Georgia Rides to the Capitol” event, cyclists will embark on rides to the Capitol in order to raise support for improved conditions for cycling, including the development of regional systems of both on-road bicycling facilities and multi-use-trails.

W H E N

Tuesday, March 3, 2009, during the state legislative session. Estimated time of arrival at the Capitol is 11:40 a.m. Your starting time will depend on which city or auxiliary location you choose to start at or which route you choose to join along the way.

W H Y

Riding to raise support for the development of a regional-scale bicycle network of both on-road facilities and multi-use-trails, and cycling connections to major transit facilities, activity centers, and schools.

MAMA also intends to raise awareness of the benefits of bicycling as an important form of transportation; a beneficial economic development and tourism tool; an excellent way to maintain health and fitness; and a great sport and family activity.

Household Hazardous Waste Collection

March 7, 2009

The City of Roswell Environmental/Public Works will hold a Household Hazardous Waste Collection on Saturday, March 7. This event is for Roswell residents only and pre-registration is required by March 5.

This year, items accepted include: automotive fluids (except motor oil and anti-freeze), household cleaners, liquid/solid pesticides, pool chemicals, bleach, aerosol cans including spray paint, mercury, film developing chemicals and plant food.

Items not being accepted include: paint, light bulbs, batteries, propane tanks and fire extinguishers. For information on how to properly dispose of these items, contact the Roswell Recycling Center at 770.442.8822.

To register or for more information, please email Janet Liberman at jliberman@roswellgov.com. Download a registration form here. Once registered, you will receive an email confirmation with the location and time of the event.

Materials collected at the event will be handled by Clean Harbours.

First-time Homebuyer Tax Credit

Yes, the economy is in the dumps, but if you disregard the media’s portrayal of the current housing forecast you will see that it is actually quite favorable for homebuyers…especially “first-time homebuyers”.  While housing prices may continue to drop, mortgage rates are at historical lows and there are plenty of government programs to help first time homebuyers.

Last fall, the government passed a bill which provides a tax credit of $7,500 to first-time homebuyers.

Although this is not new news, there have been many crazy variations of what the $7,500 tax credit means to you.  As your Roswell Realtor and also a licensed CPA, I do feel that we need to clear this up.

1. The tax credit is not free money, but is actually a zero interest loan for 15 years.  This means that you do indeed have to pay back the “loan”, but you can save a lot of money on interest payments.
2. Under the legislation,  a first-time homebuyer is defined as anyone who hasn’t owned a home as their principal residence in the last three years. It is important to note this distinction as you may not have thought you qualified if you weren’t a real first-time homebuyer.
3. The first-time homebuyer criteria applies to both spouses if married.
4. The closing date of the house must fall between April 9, 2008, and June 30, 2009.
5. Your modified adjusted gross income (MAGI), which is all of your income on your tax return before taking deductions must not exceed $75,000 for singles and $150,000 for married taxpayers.
6. You are required to pay back the loan, but have two years after applying for the tax credit before you must start to make payments.  You can also repay the loan from the profit of reselling the home, if you choose to sell within 15 years.  If you do not make a profit on the sale, the remaining tax credit loan is forgiven.  Otherwise, the tax credit loan is due within 15 years in annual payments.
7. You do not have to claim a full $7,500 tax credit. And you can only claim the full $7,500 if you buy a home for $75,000 or more. Homes worth less than $75,000 will qualify for a tax credit of 10% of the purchase price.
8. Since this tax credit is refundable (you can receive it as a tax refund after filing your federal tax return), the immediate advantage is what you can do with it.So here’s my tip and the reason you’ve read this far – if you’re thinking about buying a home in the next few months, wait to file your tax return until the day after you close, so you can claim it against your 2008 tax return. Tip #2 – don’t forget to file an extension if this means you would file after April 19.
9. Consult a tax professional for the finer details of the tax credit.

A poor economy does not mean it is not a good time to buy a home, actually it is quite the opposite.  This is a great time for buying a home if you have a steady, secure job, and a good credit score.

There are a lot of great Roswell neighborhoods. Whether you’re looking for Roswell new construction, a “certified, pre-owned” home or perhaps a townhome or condo, there is a great selection currently available to choose from.

Click here for an up-to-date list of Roswell homes for sale.

If you have more questions about the tax credit or just wondering if now is the time to start looking for your home, contact us and we’ll be glad to help you.