More on California Tax Rebate 2009

Since Governor Schwarzenegger’s mid-Feb. announcement of the $10,000 tax rebate program. Details of rules and guidelines have been developed more and more as it goes. We now have more pictures of how this works and why especially the first time buyers should take advantage of this new law (valid March 1, 2009 to March 1, 2010) and boosting our state’s economy and housing market.

$100,000,000 is allocated to this program and the individual is refunded on the first-come, first-served base.
Each person will get $10,000 maximum in rebate. The website tally the numbers for application processed daily. Actually, at the sign-off of an escrow, the buyer and seller  will sign  a new form 3528 and escrow officer will fax (only fax will be accepted by CA Franchise Office) the form to apply within seven days close of escrow. A buyer does not even have to do anything.  This should automatically put him/her inline for the process, as long as the quota has not been met.

California ranks #3 in nation’s foreclosure states, some areas such as Central Vally home values has sunked up to 30%-40%. It’s a perfect time for investor to dive in. And it’s a perfect time to use this program and help CA’s economy.

For more details, please check the website:
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

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