Real Estate Taxes, Credits and Rebates - by Tom Brewer

Real Estate Taxes, Credits and Rebates

It’s time for Tarrant County residents to start getting their tax documents together for the 2009 tax year. There are a bevy of different programs and incentives for arrant County home owners.

The first time homebuyer tax credit will easily be one of the most popular and utilized programs this year. The combination of lower home prices due to the real estate slump and the up to $8,000 tax credit for first-timers made thousands of new homebuyers take action by finding new Tarrant County homes to buy.

Not to leave existing homeowners out, the government also has a program to provide up to a $6,500 tax credit. This program allows current homeowners to qualify for this tax credit when they sell their homes and move into new ones.

The Energy Efficiency Tax Credit applies to homeowners and organizations that make certain improvements to homes and buildings that help reduce consumption and waste by improving their overall energy efficiency. Some of these improvements include:

• Biomass Stoves
• Heating, Ventilating, Air Conditioning (HVAC)
• Air Source Heat Pumps
• Central Air Conditioning (CAC)
• Gas, Propane, or Oil Hot Water Boiler
• Oil Furnace
• Insulation
• Roofs (Metal & Asphalt)
• Water Heaters (non-solar)
• Gas, Oil, Propane Water Heater
• Electric Heat Pump Water Heater
• Windows & Doors
• Geothermal Heat Pumps
• Small Wind Turbines (Residential)
• Solar Energy Systems
• Fuel Cells (Residential Fuel Cell and Microturbine System)


To see a full list of items that are eligible for this credit, visit www.EnergyStar.gov.

One lesser known program is the rehabilitation credit. This program applies to costs that were incurred for the rehabilitation or reconstruction of certain buildings. According to the IRS (Internal Revenue Service), eligible rehabilitation projects include renovation, restoration, and reconstruction. Unfortunately, new construction and additions to properties are not covered.

Under this program, eligible individuals and organizations can file tax credits for up to 20% for certified historic structures or 10% for buildings placed in service before 1936.

Tarrant County homeowners will have a variety of possible tax credits and rebates to help offset some of the costs of improvements they have made during 2009.