Tax-Free Weekend 2016

Sales Tax Holiday 2016

tax free weekend 2016

Virginia

August 5 – 7, 2016

The 2016 Virginia three-day tax-free holiday will begin on Friday, August 5, at 12:01 a.m. and end on Sunday, August 7, at 11:59 p.m.

Under Virginia law, the tax rate is generally 5.3% (6% in certain jurisdictions) of the sales price and the tax rate on sales of food for home consumption is 2.5%. During this tax-free holiday weekend, consumers may purchase qualified items exempt of the sales and use tax.
On August 5-7, shoppers are encouraged to buy back-to-school items and take necessary precautions during hurricane season without paying state and local sales tax.

This holiday is not restricted to Virginia residents – anyone can purchase exempt items in Virginia during this holiday weekend, or buy exempt items for immediate delivery to a Virginia address well.

That means that during the sales tax holiday period, consumers can purchase qualifying school supplies, clothing, footwear, hurricane and emergency preparedness items, and Energy Star and WaterSense products without paying sales tax. This includes qualifying items purchased online, by mail or over the phone.

In addition to the specific items exempted, retailers may also choose to offer other items “tax-free” by paying the sales tax themselves during the holiday.

Overview of Exempt Items

School Supplies, Clothing, and Footwear:

Qualified school supplies – $20 or less per item
Qualified clothing and footwear – $100 or less per item

< $20 Purchases of certain school supplies, clothing and footwear are exempt from the Virginia sales tax. Each eligible school supply item must be priced at $20 or less, and each eligible article of clothing and footwear must be priced at $100 or less. For a Detailed list of school supplies, clothing and footwear click on the link below:

LIST OF QUALIFYING SCHOOL SUPPLIES AND CLOTHING-2

Hurricane and Emergency Preparedness Items:   

Portable generators – $1,000 or less per item
Gas-powered chainsaws – $350 or less per item
Chainsaw accessories – $60 or less per item
Other specified hurricane preparedness items with a sales price of $60 or less per item

For a Detailed list of hurricane preparedness items click on the link below:

LIST OF QUALIFYING HURRICANE PREPAREDNESS ITEMS-2

Energy Star and WaterSense Items:

Qualifying items carrying either the Energy Star or WaterSense label with a sales price of $2,500 or less purchased for noncommercial home or personal use.

Qualifying Energy Star items include dishwashers, clothes washers, air conditioners, ceiling fans, light bulbs, dehumidifiers, and refrigerators

Qualifying WaterSense items include bathroom sink faucets, faucet accessories such as aerators and shower heads, toilets, urinals, and landscape irrigation controllers

For a Detailed list of Energy Star and WaterSense items click on the link below:

LIST OF QUALIFYING ENERGY STAR AND WATERSENSE ITEMS-2

Southern Region Market Snapshot February 2016

Virginia’s Southern Region

Spotsylvania County, VA

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This area includes the following zip codes:

22407 & 22408 for the Fredericksburg areas of Spotsylvania County, VA
22508 for the Locust Grove area of Spotsylvania County, VA
22567 for the Unionville area of Spotsylvania County, VA
22580 for the Woodford area of Spotsylvania County, VA
22960 for the Orange area of Spotsylvania County, VA
22534 for the Partlow area of Spotsylvania County, VA
22553 & 22551 in Spotsylvania County, VA

The Market Snapshot February 2016:

For the month of February 2016, the Units Sold decreased over the preceding month of January 2016 and increased over February 2015 with 103 units. The Average Sold Price for ALL home types reported in the Southern Region for February 2016 was $249,179 which decreased over the preceding month of January 2016 and substantially decreased over February’s Last Year’s (LY) average sold price of $270,230 with a slip of -7.79%. The Average Days on the Market for the month of February 2016 saw a decrease over February 2015’s 93 days to 2016’s reported 84 days, a decrease of -9.68% in the Average Days on the Market.  The ratio of Average Sold Price to Average Original List Price had a 0.33% change from February 2015 to February 2016, coming in at 95.3%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in February 2016 was $255,943 versus $278,167 from February 2015, a drop of -7.99% in Detached Average Sold Prices over February 2015 & just shy of a $25,000 decrease over the preceding month of January 2016, which came in at $280,597.

The Southern Region housing market remained constant in February 2016, despite drops in average sold prices for all homes.  Housing starts, permits, existing home sales, and pending sales all continued to slow down a bit. Nationally home prices continue to rise at a rate of 4.5-5.5%.  Despite rising house prices, affordability remains good with interest rates remaining low, hovering around 4-4.50%.  In Spotsylvania County, VA, Conventional and VA loan programs take the lead in Buyer financing top options.  Home sales continue to outpace last years levels in February 2016.  As we try to thaw out from last month’s frozen temperatures in this Southern Region of Virginia, real estate activity begins to awaken.  Active inventory slipped markedly in February 2016 from last year’s levels; although new listings rebounded, increasing 23.83%.

Active Listing housing inventory in Spotsylvania County, VA decreased over the previous month to 496 for February 2016, 239 of them New Listings.

Buyer closing cost assistance continues to average around 3%-4% of an offer’s sales price in the Southern Region of Virginia.  Buyer demand in the Spotsylvania County continues to exceed last year levels with gains in new contracts and closed sales, although credit remains tight with new lender regulations in place with the TILA-RESPA Integrated Disclosure (TRID) implementation that rolled out in October 2015.  In the Southern Region of Virginia, New Listing Activity increased substantially as Active Listing Activity pumped the brakes slightly for this second month of 2016.  Sellers in Spotsylvania County saw the number of Days on the Market remain flat with the preceding month of January 2016 at 84 days for their homes that sold in February 2016.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in April 2016 for Spotsylvania County, VA’s March 2016 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.com

Southern Region Market Snapshot January 2016

Virginia’s Southern Region

Spotsylvania County, VA

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This area includes the following zip codes:

22407 & 22408 for the Fredericksburg areas of Spotsylvania County, VA
22508 for the Locust Grove area of Spotsylvania County, VA
22567 for the Unionville area of Spotsylvania County, VA
22580 for the Woodford area of Spotsylvania County, VA
22960 for the Orange area of Spotsylvania County, VA
22534 for the Partlow area of Spotsylvania County, VA
22553 & 22551 in Spotsylvania County, VA

The Market Snapshot January 2016:

For the month of January 2016, the Units Sold decreased over the preceding month of December 2015 and increased over January 2015 with 109 units. The Average Sold Price for ALL home types reported in the Southern Region for January 2016 was $286,670 which decreased over the preceding month of December 2015 yet increased over January’s Last Year’s (LY) average sold price of $252,849 with a gain of 8.93%. The Average Days on the Market for the month of January 2016 saw a decrease over January 2015’s 102 days to 2016’s reported 84 days, an decrease of 17.65% in the Average Days on the Market.  The ratio of Average Sold Price to Average Original List Price had a 3.95% change from January 2015 to January 2016, coming in at 97.3%. The Average Sold Price for Detached Homes sold in Virginia’s Southern Region in January 2016 was $280,597 versus $268,463 from January 2015, an increase of 4.52% in Detached Average Sold Prices over January 2015 & just shy of a $9000 decrease over the preceding month of December 2015, which came in at $291,596.

The Southern Region housing market remained  in January 2016.  Housing starts, permits, existing home sales, and pending sales all slowed down a bit. Nationally home prices continue to rise at a rate of 4.5-5.5%.  Despite rising house prices, affordability remains good with interest rates remaining low, hovering around 4-4.50%.  In Spotsylvania County, VA, Conventional and FHA loan programs remain in the lead in Buyer financing top options.  Home sales continue to outpace last years levels in January 2016.  As we begin 2016 with a blizzard and frigid temperatures in this Southern Region of Virginia, real estate activity takes some snow days.  Active inventory slipped markedly in January 2016 from last year’s levels; as did new listings.

Active Listing housing inventory in Spotsylvania County, VA decreased over the previous month to 506 for January 2016, 161 of them New Listings.

Buyer closing cost assistance continues to average around 3%-4% of an offer’s sales price in the Southern Region of Virginia.  Buyer demand in the Spotsylvania County continues to exceed last year levels with gains in new contracts and closed sales, although credit remains tight with new lender regulations in place with the TILA-RESPA Integrated Disclosure (TRID) implementation that rolled out in October 2015.  In the Southern Region of Virginia, New Listing Activity increased as Active Listing Activity pumped the brakes slightly for the first month beginning 2016.  Sellers in Spotsylvania County saw an increase in the number of Days on the Market for their homes that sold in January 2016.

Sign up for monthly real estate updates at HomesInFredericksburgVA.com. Check back in March 2016 for Spotsylvania County, VA’s February 2016 Real Estate Market Snapshot. Source www.rbintel.com, www.getsmartcharts.com