Federal First Time Buyer Tax Credit Expires
By: Rob Jordan
California Tax Credit Kicks In for Agoura, Oak Park, Westlake Village Buyers
Many California homebuyers took advantage of the Federal Tax Credit of up to $8,000. But that credit expired on April 30, 2010.
But the State of California just announced a similar program, worth up to $10,000 to a buyer.
Assembly Bill 183 established a tax credit of $10,000 or 5 percent of the purchase price of a newly built home and a $10,000 tax credit for first-time purchasers of existing homes.
The credit is good through Dec. 31, or until funding is exhausted, whichever comes first.
The $200 million allocated for the program is split evenly, with $100 million going to purchasers of new homes and $100 million to first-time buyers of existing homes.
More information on the state tax credits credits can be viewed here
Rob Jordan is a successful realtor with Sotheby’s International Realty/Ewing and Associates in Agoura Hills, California. He can explain the details of the California tax credit. He can be reached at
818 237 4425. Article reprinted from a California Association of Realtors email.
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