Extending the $8,000 Tax Credit?

The current $8,000 tax credit for first-time home buyers will expire on November 30, 2009. To take advantage of this credit, closing must occur by November 30.

The credit has boosted home sales during 2009, and lawmakers are discussing extending the tax credit. Several options are on the table including extending the credit as it stands now and opening a tax credit up to all home buyers.

Click the link below to go to CNNMoney.com to view an article giving the pros and cons of different options.

Lawmakers may expand the $8,000 homebuyer tax credit - Oct. 14, 2009*

$8,000 Tax Credit - Time is Running Out

Are you currently renting and thinking about purchasing your first home?

If your financial position makes sense for you to buy your first home, think about purchasing a home prior to the November 30th deadline on the $8,000 tax credit.

Property Taxes

Property tax bills for property owners in Horry County have been mailed by the Horry County Assessor's Office. I received mine last week. Real estate property taxes are due on or before January 15, 2010 to avoid a penalty.

A Few Things to Remember:

• If your property taxes are escrowed into your monthly mortgage payment, you will receive a copy of your tax bill. The original will go to your mortgage company. The mortgage company will pay your taxes out of your escrow account. However, it is always best to check with your mortgage company to make sure the tax bill has been paid.
• The tax bill is sent to the owner of record as of January 1, 2009. If you purchased your property during 2009, the taxes were prorated at your closing. However, check with the Assessor's Office to make sure the taxes have been paid properly.
• Permanent residents qualify for their property to be assessed at 4% versus 6%. If your tax bill shows your property was assessed at 6%, you can apply for the permanent resident tax break at the Assessor's Office.
• Certain taxpayers may qualify for the South Carolina Homestead Exemption. The Assessor's Office can provide more information.
  

Changes to the tax law changed how properties are assessed. If you feel your property is assessed too high, you can appeal the assessment.

Important Phone Numbers and Websites:

• Horry County Assessor's Office (843) 915-5040, (843) 756-2121, (843) 205-5040 and (843) 915-5043
• Horry County Auditor's Office (843) 915-5050
• Horry County Treasurer's Office (843) 915-5470
• Horry County Website - www.horrycounty.org