If you purchased a home in Alpharetta over the past year, you need to make sure you have filed for your homestead exemption. Alpharetta residents have until March 1st to file this year. You may apply for exemptions year-round, however, you must apply by March 1st to receive the exemption for that tax year. Any application received after this date will not be processed until the following tax year. You may also qualify for additional exemptions. We recommend you check with the City of Alpharetta at 678.297.6060 to make sure you are taking advantage of all exemptions available to you. Or to download the 2007 Property Tax Guide, visit
www.alpharetta.ga.us.
Also, do not forget to read up on all the income tax deductions that are allowed by Homeowners. Laws are always changing, so please make sure to speak with a tax consultant to get the most deductions on your taxes. Here are just a few items that you may be able to deduct on your 2007 income taxes:
* Your property taxes.
* The mortgage interest on your primary residence, as well as any secondary residence you own. (There are limits, but relatively few taxpayers are affected.)
* The interest on up to $100,000 borrowed on a home-equity loan or home-equity line of credit, regardless of the reason for the loan.
* Points you paid when purchasing the house (or convinced the seller to pay for you).
* For homes purchased in 2007, the premiums paid for private mortgage insurance in 2007. (The right to this deduction disappears as adjusted gross income rises from $100,000 to $110,000 on a joint return and from $50,000 to $55,000 on a single return.)
* Home improvements required for medical care.
* Moving Expenses (under certain criteria including job transfer). If you qualify, this can also cover the expense of moving a pet.
Should you have any questions please do not hesitate to give us a call, we are here to help. And, if you know anyone looking to buy or sell real estate, please refer them to us …we appreciate your business!
www.VanderhoffRealEstate.com
