LETS HELP FARR GET THE WORD OUT!!

Spotsylvania County May Repeal Successful Energy-Efficiency Tax Credit

Posted: 04 Aug 2010 06:00 PM PDT


Attention REALTORS who sell homes in Spotsylvania County! A popular energy efficiency tax credit offered by the County may be abruptly cut short. Currently, Spotsylvania County offers a five-year real estate tax exemption for owners of energy-efficient buildings. To qualify, the structure can be either a home or a commercial building that’s either newly constructed or renovated and exceeds by 30% the energy-efficiency standards set in the Virginia Uniform Statewide Building Code and is certified by a licensed contractor.

It’s unclear how many homeowners have taken advantage of the tax credit, but anecdotal evidence is strong. Businesses have reportedly moved to Spotsylvania County for its progressive position on energy-efficiency and as a way to expand their business to offer services to property owners to increase energy efficiency. Many home and commercial building owners who were already approved for the tax credit recently received letters indicating that the program may be suspended.

As REALTORS know, things like the first-time homebuyer tax credit and this energy-efficiency tax credit have been the lifeline of the market during these hard times. The loss of this tax credit would have a ripple effect on the economy in Spotsylvania County.

A public hearing on the issue is scheduled for next Tuesday, August 10th at 6:30pm at the Courthouse in Spotsylvania County. The meeting will give citizens a chance to voice their opinion on this issue and let the Board of Supervisors know how important it really is to the market. It is vital that REALTORS turn out to share their support for this tax credit and support the health of the Spotsylvania County real estate market.