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Old 03-24-2009, 06:59 AM   #1
linkin_p
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How much refund on taxes can I get?
I live in Los Angeles County, California. I have recently purchased a home. I am yet to pay the first tax for my property. My real estate agent says that I am liable for a tax of $8000 as per the purchase price of my house. He says that I may be eligible for some type of refund or reduction. Any info would be appreciated.
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Old 03-24-2009, 08:24 AM   #2
Puck
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I think your agent was talking about the tax CREDIT you get as a first-time home buyer, when you buy a home in 2009. This is a refund to you, not a tax you have to pay.
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Old 03-24-2009, 09:53 AM   #3
blixet
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If your property tax is $8000, then it is deductible on your income taxes assuming you itemize. Is that possibly what was discussed? $8k would mean your house was assessed for tax purposes at $800,000 in value (1%).
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Old 03-24-2009, 10:36 AM   #4
abrahamlinken
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Prop 13 is the way to go for permanent reduction of taxes and possible refund. You will save money every year this way. Do not opt for temporary reduction under prop 8 go to http://www.californiataxcut.com/ for more details.
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Old 03-24-2009, 01:01 PM   #5
clydewolf
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Linkin_p

Congratulations on your home purchase.

You need to call the assessor's office and ask them what tax you need to pay.
This would be a property tax that is based on the value of your property.

Then as Puck indicated above, you may qualify for a refundable tax credit of up to $8,000 on your federal income tax return. You must purchase the home in 2009 before November 1. You can claim the credit on your 2008 or 2009 income tax return.

Check to see if California has a similiar first time home buyer tax credit that you can use on your CA tax return.

Enjoy the time your new home.
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