TAX CREDITS FOR LAUREL HOME BUYERS – LOOKING TO PURCHASE A FORECLOSED HOMES IN LAUREL MD……if you are interested in purchasing a foreclosed homes in Laurel,MD. The City of Laurel recently passed legislation adopting a tax credit program for purchasers of foreclosed homes within the City of Laurel, Maryland.
Tax credits for Laurel home buyers are now in effect, the legislation offers a five-year descending City tax credit of up to $3500 for buyers purchasing their primary residence within Laurel City limits. Under the program, eligible buyers will receive credit for 100% of their City property taxes up to $3500 for two years following purchase. In subsequent years, three to five, the credit will decrease to 75%, 50%, and 25% respectively. If the property is deemed to be a “distressed property” the purchaser may be eligible for an extended credit.
As with similar programs, the tax credit for Laurel home buyers terminates when the initial purchaser ceases to occupy the home as their primary residence.
To learn more and obtain application forms please visit:
City of Laurel 8103 Sandy Spring Road Laurel, MD 20707 301-725-5300 www.cityoflaurel.org
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Thanks for your comments. We blog to educate our clients and customers about real estate related issues and topics. With years of experience in real estate we feel that homeowners are unaware of the home ownership options available to avoid foreclosure. It appears that sellers ride out the year or two year period prior to a foreclosure without researching other alternatives e.g., loan modification,short sale, deed in lieu of foreclosure,etc. We focus on educating homeowners so they can avoid the foreclosure process. Sellers don’t seem to understand that they could receive up to $48k to sell their home as a Short Sale to avoid the costly and deadly foreclosure process. The foreclosure process destroys your credit history for at least 6-8 years depending on who you talk too. With a short sale a homeowner maybe able to purchase right away provided they were current on their mortgage payments.
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