New Shore Land Standards

In mid November the Natural Resources Board modified the proposed revisions to Wisconsin's shore land development rules found in chapter NR 115 of the Wis. Administrative Code. After 40 years of no updates the Board, just last June, had approved revisions that would provide more flexibility for shore land property owners who wish to make improvements to their existing homes, protect the habitat and landscape, enhance water quality and streamline the permitting process.

New limits were approved for hard surfaces (impervious surfaces) that cause runoff. There were also new requirements for property owners to mitigate or offset the impact of new development or expansion of existing structures.

The latest round of modifications was the result of concern on the part of some folks that the new rules were too restrictive for properties farther from waterways and not restrictive enough for development close to the shorelines.

So, the Natural Resources Board brought back this latest round of changes to the rules which zero in on two key areas:

(1) only properties within 300 feet of any lake, river or stream will be considered with respect to the impervious surface rule. Earlier the rule had included properties within 1000 feet of water, and

(2) expanding an existing home that is within 75 feet of the ordinary high water mark now has more limitations. An owner can build a second story or add to it vertically if the existing structure is a minimum of 35 feet from the ordinary high water mark. An owner cannot expand the footprint horizontally within the shoreline setback; that is a change from the earlier rule.

The new rules are expected to go into effect sometime in 2010.

If you wish to get more information you can visit the DNR website at www.dnr.wi.gov/org/water/wm/dsfm/shore/news.htm

Happy Thanksgiving everyone!

Life is a Gift...Live It!

Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15563 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/

Homebuyer Tax Credit Extended

The tax credit extension and expansion has been approved and provides some great, new opportunities for both first time home buyers and current home owners.

- To summarize the government's latest action for FIRST TIME HOME BUYERS:

- The $8,000 first-time home buyer tax credit is extended.

- The buyer cannot have owned a home within the last three years.

- The home they purchase must be their primary residence.

- Qualified first-time home buyers would receive their $8,000 tax credit if they sign a
purchase agreement by April 30, 2010 and close no later than June 30, 2010.

- The tax credit is up to 10 percent of the home’s value but cannot exceed $8,000.

- Annual income caps to qualify for the tax credit will increase to $125,000 for single filers
and $225,000 for joint filers.

- Partial tax credit can be granted for incomes up to $145,000 for single filers and $245,000
for joint filers.

The NEW expanded part of the action taken by the Congress and the President for
CURRENT HOME OWNERS who are eligible:

- A $6,500 tax credit for current homeowners purchasing a primary residence.

- The home is eligible if the purchase agreement is executed by April 30, 2010 and the transaction closes sometime between now and June 30, 2010.

- The home buyer must have lived in their current home for five consecutive years of the past eight years.

- The new home being purchased does not have to cost more than the current home.

- Annual income caps to qualify for the tax credit will increase to $125,000 for single filers and $225,000 for joint filers.

- Partial tax credit can be granted for incomes up to $145,000 for single filers and $245,000 for joint filers.

Personally I believe this will have a continued positive effect for first time home buyers; I am unsure what to expect will happen with respect to the new part of this stimulus package.

Have a great weekend and good luck to all you hunters; be careful. Life is a Gift...Live It!

Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15563 Railroad St
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/