Alpharetta Cumming Lake Lanier Real Estate Blog: February 2007

The Forsyth County Tax Assessors Office would like to remind residents about the approaching deadline to file for homestead exemptions for this tax year. While you may apply for exemptions year-round, you must apply by March 1 in order to receive the exemption for 2007. Any application received after this date will not be processed until the next tax year.

All of the following required documentation must be presented to apply:

* a drivers license (if you drive)
* a copy of a recorded warranty deed
* a letter from the county where you lived prior to moving to Forsyth County stating that the homestead has been removed



Filing for homestead exemption is one way to reduce the amount of property tax you pay on your residential property. In Forsyth County, if you own the property, reside on that property and are a legal resident of the county, all as of January 1 of the tax year, you may qualify for homestead exemption. (Legal resident means that you are registered to vote and/or register your vehicles in Forsyth County.) You cannot be claiming homestead in any other location.

You must make an application for each exemption you would like to receive. Only one owner needs to meet the requirements to qualify for the full exemption. These exemptions are automatically renewed each year unless there is a change in ownership or you no longer meet the eligibility requirements. You do not need to reapply for exemptions if you refinance your home, unless ownership changes. For all exemptions, the property must be in the name of the applicant. To legally change ownership into your name, a new deed must be recorded in Forsyth County records. The amount exempted is deducted from the 40% assessed value of the property in the applicable tax categories.

If a change of ownership occurs due to death or divorce, the new owner must file the change with the Tax Assessors Office and reapply for any exemption granted in the previous owner's name.

A number of exemptions exist including regular $8,000 homestead, floating homestead, total school tax homestead exemption, state tax exemption and disabled veterans exemption. Contact the Tax Assessors Office for a complete list of and details on exemptions.

WHERE TO FILE:
Forsyth County Tax Assessors Office
110 E. Main Street, Suite 260, Cumming
770.781.2106

Office Hours:
8:30 a.m. to 5:00 p.m., Monday through Friday

On January 4 of this year, the Forsyth County Board of Commissioners put into effect a 90-day moratorium on applications for rezonings for all residential uses in all zoning classifications, with a possible 90-day extension.

The Forsyth County Planning and Development Department will continue to process and review all zoning applications that were submitted and accepted in the queue prior to the enactment of the moratorium and all rezoning applications other than residential.

To view the Resolution please click on the link below:

http://www.forsythco.com/pdf/files/RezoningMoratorium.pdf

The City of John's Creek is now accepting applications for Citizen Board and Commission appointments. Citizens came together to create the City of John's Creek, and now is the time to get involved in the city's continued development. Here is a list of the various Boards & Commissions with volunteer opportunities:

Alcohol Licensing and Review Board
Construction Board of Appeals
Board of Zoning Appeals
Design Review Board (reserved for future)
Planning Commission (Application Process Now Closed)
Cultural Arts Commission
Tree Advisory Board
Senior Citizens Advisory Board
Special Needs Advisory Board
Transportation Advisory Board
Parks and Recreation Advisory Board

For further descriptions of these positions, as well as a note from Mayor Mike Bodker, visit www.cityofjohnscreekga.us. Temporary headquarters for City Hall are located at 9810-A Medlock Bridge Road. The main phone is 678.512.3200.

To commemorate the 50th Anniversary of Lake Lanier, the US Army Corps of Engineers will offer tours of the Buford Dam Powerhouse on Saturday, March 31. Space will be limited and tours will be booked on a first-call reservation system. Tour groups will be limited to eight people per tour and there will be seven time slots available. Three tours will be conducted with three guides every 35 minutes. To register for a time to tour the Buford Dam Powerhouse on Saturday, March 31, please call the Corps of Engineers’ Buford Project office at 770-945-9531. Space is limited. Complete information will be confirmed to tour participants in advance of the tours. For additional information about the tours, or other events commemorating the 50th Anniversary Celebration of Lake Lanier, please visit www.lakelanier50.com.

As of February 15, 2007, the current average mortgage rates according to Freddie Mac's Weekly Primary Mortgage Market Survey are as follows:

30-yr Fixed Rate Mortgage: 6.30% with fees & points averaging at 0.4
15-yr Fixed Rate Mortgage 6.03% with fees & points averaging at 0.4
5/1-yr Adjustable Rate Mortgage 6.01% with fees & points averaging at 0.5
1-yr Adjustable Rate Mortgage 5.52% with fees & points averaging at 0.6

These rates are slightly up from last week's averages.

If you are looking for assistance with your next home loan, we recommend Steve Thompson who is a Senior Mortgage Consultant with Home America Morgage, Inc. To contact Steve, click on his name above to be taken directly to his website, or you may email Steve at sthompson@homeamericamortgage.com or call him at 770-325-7075. Let Steve know the Vanderhoff Team sent you!

The Alpharetta Recreation and Parks Department is sponsoring a "Be My Valentine Drop-In Craft" Event at the Crabapple Government Center on Wednesday, February 14th. This is a great activity for parents with young children at home during the day. Just drop-in with the kids at anytime between 10am and 4pm on the 14th to make a fun and festive Valentine mixed media arts and craft project. This workshop is free to the public. For more information, call 678-297-6165 or email arts@alpharetta.ga.us.

As of February 8, 2007, the current average mortgage rates according to Freddie Mac's Weekly Primary Mortgage Market Survey are as follows:

30-yr Fixed Rate Mortgage: 6.28% with fees & points averaging at 0.3
15-yr Fixed Rate Mortgage 6.02% with fees & points averaging at 0.3
5/1-yr Adjustable Rate Mortgage 5.99% with fees & points averaging at 0.4
1-yr Adjustable Rate Mortgage 5.49% with fees & points averaging at 0.7

These rates are down from last week's averages.

President Bush signed a multi-faceted tax bill (H.R. 6111) that includes, among a host of other provisions, a very narrow new income tax deduction for some mortgage insurance (MI) premiums. It is not known when or if the IRS will provide additional guidance for this provision, as it will be in effect for only one year and will be available only to a limited number of homebuyers.

These are the key features of the provision:

* The deduction applies only to MI policies issued in 2007 for homes purchased in 2007. The deduction does not apply to premium payments for policies issued before 2007.
* The deduction applies to private MI, and to FHA, VA and Rural Housing premiums, as well. The MI premium amount will be treated as mortgage interest.
* The new deduction is available only to individuals or families with less than $100,000 adjusted gross income (AGI) on a joint or single tax return ($50,000 for married filing separately returns).
* The provision phases out by 10% for each $1000 of AGI over $100,000 ($50,000 for married filing separate). Thus, there is no MI deduction for individuals or families with AGI above $110,000 ($55,000 for married filing separately).
* Individuals who claim the deduction are not permitted to prepay premiums that are otherwise due after 2007. The provision expires for any premium payment that is paid or that accrues after December 31, 2007.
* If a mortgage (other than a VA, FHA or RHA mortgage) is prepaid during 2007, the unamortized premium balance on that mortgage is not deductible. (The unamortized premium balance is the amount of premium that would have been paid in a particular year if the payments had extended throughout that year.)
* The homeowner will receive a statement from either the lender or the MI provider stating the proper amount of the MI deduction. That information will also be provided to the IRS.
* The MI deduction will not be available if an existing mortgage is refinanced in 2007 for an amount larger than the amount being refinanced.

Are you in the market to buy a home in Alpharetta or Cumming, Forsyth County this year? There are quite a few homes on the market right now, so you, as the buyer, have the comfort of being picky. Who knows, your dream home may be out there right now. But, there is one very important factor to consider in the current Alpharetta & Forsyth County real estate market: The bottom-line price. You may be thinking, "of course, price is the most important factor". But, it's not what you can afford, it's how much instant equity you will have in the home you are about to purchase.

Homes in this area have seen such a fast appreciation in the past few years, that the market price had to level off, or ultimately crash. Fortunately, prices have leveled off, and you should not see such rapid escalation of housing prices. This is good news for the real estate market, as we are already seeing homes moving again. Home prices were just rising so much, that they were beginning to exceed the average home buyers' price range. So the market has improved, and home prices should remain on a steady, realistic rise for awhile.

In this changing market, though, many sellers have not realized the pricing slow down. Whereas one year ago, they may have been able to sell their home at a $50k gain, they just cannot sell it at those prices now. But many sellers are starting to realize this, and dropping their prices. The most important thing you can do, as a buyer, is to make sure you have a qualified Realtor who is able to give you an honest assessment of how the price of your next home rates in comparison to other homes that have sold recently and are currently on the market. Financially, you should choose a home that has some instant equity. Again, this sounds obvious, but when you are searching for that perfect home, you may be tempted to overpay. In the past few years, you would not suffer for it, but in today's market with prices leveling, you might be in trouble if you had to move again anytime soon. And, you may say, "well, this is our dream home, and we plan to be here for a long time". Let me just tell you, that circumstances change, and too often we see "dream homes" being sold within a year.

So, be picky, and find the home that suites you or your family best, but also factor in how much equity is in that next home when you buy it. You will not regret it.

On Tuesday, January 30 officials gathered to break ground on Phase II of Sawnee Mountain Preserve. Phase II will consist of an Environmental Learning Center that will serve as the administrative home to the Outdoor Program section of the Forsyth County Parks and Recreation Department, a universally accessible tree house and nature trails to connect to Phase I. It is expected that Phase II will be in operation by March 2008. The universally accessible tree house will be the first of its kind in the southeast and was the class project of the 2006 Leadership Forsyth class.

Phase I, which is now open, can be accessed by the Park's Entrance with Parking Area at 2500 Bettis-Tribble Gap Road. Playground, Hiking Trails to Summit, Picnic Pavilions, Restroom Facilities, and Outdoor Classroom styled as an amphitheater are all available for public use.

For more information on the Sawnee Mountain Preserve & it's facilities, please visit www.forsythco.com or www.sawneemountain.org.