Good News for New Jersey Home Buyers

Recent legislation created to jump-start New Jersey’s housing market is taking place by creating a tax credit for home purchases during 2010.

The tax credits will amount to up to $15,000 or 5 percent of the home purchase price, whichever is less, for homebuyers of new and previously owned homes.

The cap for the total of the credits will be $100 million, with $75 million allocated for purchases of newly constructed homes not previously occupied and $25 million allocated for purchases of previously occupied homes.

A convenient automated system, will be administered by the Division of Taxation to determine credit eligibility of a potential homebuyer. It will be a first-come, first-served basis for homes purchased during 2010.  The credit will be divided into three equal credits claimed over three taxable years.

The bill was approved 66-8-3 and now goes to the Senate for more consideration.

For more great reasons to buy a home in 2010, please click on The Best Time to Buy a Home is Now!

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available,  this is the opportunity you have been waiting for.  Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can be reached at eddie@InvestHoboken.com or 201-344-2886.

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