One item that I question on the chart is the need to sell your home if you qualify for the $6500.  I don’t see that in the text of the legislation.  I do see:

EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual’s spouse) who has owned and used the same residence as such individual’s principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.’

I was transferred to voice mail when I called NAR to verify so will update as I know more.  I may have missed something but it is worth finding out!

The revised credit will take effect on December 1st and is not retroactive.  Changes include raising the maximum income for qualified couples to $225,000.  The $6500 credit is only valid for primary residences.

UPI.com has a good article here, Examiner.com here, and subprime blogger here regarding the passage of the revised credit and additional information.

On October 22, the Treasury Inspector General for Tax Administration released a report that includes:

As a result of the IRS’s inaction, TIGTA’s report found that 19,351 taxpayers claimed $139.4 million in credits for homes they had not yet purchased but would allegedly purchase in the future. In addition, 70,005 taxpayers claimed more than $479 million in credits, despite indications that they were not first-time homebuyers. TIGTA also identified 582 taxpayers under 18 years of age who claimed almost $4 million in First-Time Homebuyer Credits. The youngest taxpayers receiving the Credit were 4 years old. (emphasis added)

The new law makes provisions to go after those fraudulently claiming the credit.

After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers.  By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.

As a Realtor, it’s good news for our industry but I don’t think that it would have been the end of the world, or will be in April, when the tax credit expires.  It will be interesting to see how many people are able to take advantage  of the $6500 credit for existing homeowners.  I haven’t found the exact text of what the senate is going to vote on but heard today that the requirement is that it has been your home for five of the last eight years.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The bill, in which the Credit is a part of, could come up to vote as soon as Thursday.

There were more articles yesterday.  The National Association of Realtors quotes a Bloomberg story today that is also cited on Calculated Risk and OregonLive’s Front Porch.  That story is “Senate Close to Deal Replacing Homebuyer Tax Credit (Update2)” posted October 27, 2009 18:31 EDT and includes this:

The deal would reduce the size of the tax credit to 10 percent of the sale’s price, capped at $7,290, the people said. The credit would be available on home purchases that are under contract by April 30, and borrowers would have 60 days more to close the sale. The existing credit is due to end Nov. 30.

Reuters also has a story today (posted 10/28 4:38 eastern).  “Senators eye extending home credit to end of April“.  In part:

Under an agreement reached by key senators, the tax credit would be extended through the end of April and be expanded to cover repeat buyers who have been in their homes at least five years, sources familiar with the plan said.

First-time buyers would continue to get an $8,000 credit, while repeat buyers of primary residences would be eligible for a credit of $6,500, the sources said.

They said the credit would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year.

The Portland real estate market has risen 3.61 points since its low in April.

More later.

Bloomberg.com reports today:

Oct. 26 (Bloomberg) — Senate leaders are negotiating to extend and gradually reduce an $8,000 tax credit for first-time homebuyers through 2010, Senator Bill Nelson of Florida said.

“We should be able to extend that later this week,” Nelson, a Democrat, told reporters traveling today with President Barack Obama on Air Force One to a speech in Jacksonville, Florida.

Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus of Montana, both Democrats, may seek to add the homebuyers extension to legislation extending unemployment benefits that may be debated as early as this week, according to Regan Lachapelle, an aide to Reid.

Lawmakers are under pressure from real estate agents, mortgage brokers and homebuilders to extend the $8,000 credit before it expires Nov. 30.

Baucus and Reid made a proposal last week to Senate Republicans that would extend the homebuyer credit through 2010, Lachapelle said. First-time homebuyers who close before April 1 would get the full $8,000, and the credit’s value would be reduced by $2,000 in each successive quarter until expiring at the end of the year.

See for complete article.

Case Shiller Index released tomorrow.

Washington County’s online presence now has InterMap.  From Intermap, if you click on Assessment & Taxation Information subcategory you can look at the tax record for an individual address within in Washington County. I do not see the current tax year amount amount due  listed but you can get to the amount from the online payment center.  There is a convenience fee for paying online.

The site also has a very good explanation of what your tax bill means (click graphic to enlarge and here to open description in a new window).

There are also instructions on how to appeal your property taxes (by Dec. 31).

You can also skip InterMap altogether and go straight to the taxation and assessment website.

For more information: Division of Assessment, Recording and Taxation.

More coming soon on other counties.