Real estate agents at this week’s North Bay Association of Realtors meeting in Santa Rosa got this tip: Have your clients act quickly next month if they want to take advantage of the state’s $10,000 tax credit for first-time homebuyers.
Mike Kelly, the group’s master of ceremonies, said staff from the California Association of Realtors is predicting that the $100 million the state has allocated for the tax credits will be used up within a few weeks after it becomes available May 1.
The credits can provide up to $3,333 a year in credits for three years. As reported in an earlier item on Real Sonoma, California buyers who time their purchases just right in theory could obtain both the state tax credit and the soon-to-expired federal $8,000 tax credit.
But to do that, they may have to get their applications in early.
Dave Fahrner, an agent with Frank Howard Allen, said participants at a recent California Realtor Association class were warned the tax credit money won’t last long.
“It’ll be snapped up very, very quickly,” he said.
As of Tuesday morning, Fahrner said, agents were still waiting for the state to provide the necessary tax credit application, as well as the fax number where that application should be sent.
More information on the tax credit is available from the state Franchise Tax Board.
Robert Digitale