Happy Holidays And Homestead Tax Credit Deadline!

Happy Hanukkah to my friends who celebrate this week and best wishes to all who are still shopping for Hanukkah and Christmas presents!  While you are enjoying your holiday festivities, please take a moment to check on www.sdat.org and see if you remembered to send in your application.  About 30% of the streets and communities I have checked have not applied.  That might mean that one third of the homes in our communities are rental properties, but that is not the case.  You may have remembered but did your neighbor, son or daughter?  That nice lady or man up the street who lives alone?  Maybe if you looked to see if a few people you know have already applied, you might do a good deed this season and help someone else get the application in before the December 31, 2012 deadline for Homestead Tax Credit Applications.  Investors who rent properties are not entitled to the credit and the only benefit you receive is that when and if home values rise more than 5% per year, yours is capped at 5% per year.  True, values are just now beginning to show an upward trend and prices are still considerably lower than they were at the unrealistic peek of about 7 years ago, give or take a year depending on the area in which you live, but in the event prices were to rise again suddenly as they have done on a number of occassions in the past, if you live in your home as your primary residence, this gives a modicum of protection from sudden large tax increases from one year to the next in the future, but only if you qualify and only if you get your application postmarked by the 31st of December.  Happy Hanukkah, Merry Christmas and Happy Holidays everyone!