The City Council is scheduled to vote later this month on the first affordable dwelling unit ordinance in Hampton Roads later this month. The plan centers around incentivizing developers into voluntarily including lower cost housing units in their developments through density bonuses and other factors. This strategy, called inclusionary zoning, has been used in many other localities..(read more)
The Hampton Roads Transportation Authority has delayed implementation of the increased taxes and fees intended to fund transportation improvements until April 2008. This allows the General Assembly to make changes to the law and the fees prior to implementation. This also means the grantor tax increase will not take effect until April 2008.
Team Maxx Real Estate(comment)
Here's a look at what's new in real-estate markets across the U.S. from around the Web. (Some links may require registration or subscriptions.)
Housing bubble deflates
Across the U.S., home prices are falling, with many metropolitan areas expected to see large reductions, according to a report on CNNMoney.com. The city that may see the biggest drop is Las Vegas, where prices are predicted..(read more)
1020 English Oak Drive
Location: Oaklake
Gorgeous, well-maintained 4 bedroom, 2.5 bath home located in a very nice community. Two years young, with soaring ceilings in foyer and cathedral ceilings in master bedroom. Elegant dining room with crown molding and hardwood floors. Upgraded cabinets and vanities. Lots of closet space and a large 2 car garage. Great location..(read more)
433 Garcia Drive
Location: Beechwood Gardens
Fabulous location - ½ mile from 264 and 2 miles from the ocean! Bike to the beach! This four bedroom spacious home has lots of extras: all appliances, eat-in kitchen with island, master bath with separate shower and tub, and a spacious two car garage. Located on a cul-de-sac in a quiet neighborhood. Great beach living,..(read more)
Whether you're getting ready to put your home on the market or you simply want to get a fresh start in 2007 -- clearing clutter is the answer.
Your REALTOR® will tell you when they show buyers a cluttered home, no matter how lovely it could be, prospective buyers just can't picture it and will usually pass or make an offer for much less than the seller thinks the home is worth. Yes, packaging..(read more)
Years in the making, a federal tax deduction for mortgage insurance is all but assured after bills which include the provision were passed last month by both the House of Representatives and the U.S. Senate.
Only borrowers who close loans during and after 2007 and make less than $100,000 a year will be eligible to deduct all the private or government mortgage insurance paid for the year.
A tax..(read more)
The City of Virginia Beach offers Real Estate Tax Exemption/Deferral/Freeze for Senior Citizens and Disabled Persons designed to provide property tax relief for qualifying applicants. Eligibility is based on a combination of age, disability, income and total assets. Applications for exemption must be filed by June 30 preceding each tax year for which exemption is sought.
To qualify:
..(read more)
The attached news release from MICA is some of the best news the housing industry has had in some time. The new tax deduction will make homes more affordable by allowing many American home buyers to write off premiums for private and government mortgage insurance. This deduction will be effective for the 2007 tax year.
WASHINGTON, D.C. December 9,..(read more)
If you regularly count on Goodwill, the Salvation Army and others to find homes for what won't fit in your attic, garage or spare room -- all while getting a charitable tax deduction -- do your spring purging now.
That's especially true if you commonly fudge the value of donated items.
In 2007, the Internal Revenue Service will hold you accountable for accurately documenting the value of donated..(read more)
