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Live Oak
[SinglePic not found] The City of Live Oak, located in northern Sutter County has a population of approximately 8,500 residents. It is strategically located along the Highway 99 corridor between Yuba City and Chico, and has easy access to San Francisco, Lake Tahoe, and Sacramento. Live Oak residents enjoy the close by Sacramento River, local parks and abundant recreation opportunities in the area. Live Oak is a thriving rural community with many reasonably priced new homes, good local schools, and nearby colleges.
What Sutter County Residents Need to Know About the Proposed Assessment for Levee Repairs
On or about May 1, more than 30,000 property owners in Butte and Sutter Counties will receive a ballot for a proposed assessment for critical levee repairs. If approved, the assessment will help to pay for 44 miles of levee repairs along the west bank of the Feather River. The State is expected to pay 71% of all construction costs with bond funds dedicated to levee improvements. An annual assessment on properties will help pay the required local cost share.
The Sutter Butte Flood Control Agency (SBFCA) wants to fix levees by 2015 and reduce flood risk. The project will save property owners tens of millions each year in mandatory flood insurance costs, maintain the rights of homeowners to improve property without costly restrictions, and sustain the local economy.
Get the FACTS Before You Get Your Ballot!
FACT: Levees do not meet federal standards for 100-year flood protection.
FACT: Most of Sutter County and large portions of Butte County – are scheduled to be “remapped” by the Federal Emergency Management Agency (FEMA) as Special Flood Hazard Areas.
FACT: Until levees are repaired, property owners with mortgages will be required to purchase higher-cost flood insurance.
FACT: Property owners who want to sell their homes will be required to notify buyers of the requirement to purchase flood insurance.
FACT: Until levees are repaired, strict building codes will be in place, making it more costly for property owners to improve or replace structures.
FACT: Property owners do not get to vote on mandatory flood insurance.
Click to Look Up Your Proposed Assessment
Learn More!
Visit www.sutterbutteflood.org to look up your proposed assessment and get the latest information, news and meeting dates. Questions? Call SBFCA’s hotline at 530-870-4425.
California’s Govenor Approves Home Buyer’s Tax Credit Bill
The legislation allocates $200 million to new buyer tax credits. Half will fund credits for buyers of new unoccupied homes. The other half funds credits for first-time buyers who buy resale homes.
California Association of Realtors President Steve Goddard said the tax credit “will incentivize first-time homebuyers to purchase homes that have been abandoned, foreclosed upon, and returned to the lender, or have been sitting on the market for extended periods of time.”
In both cases, buyers can waive whatever state taxes they owe – up to $3,333 – in each of the three years after buying. The program begins with escrows that close May 1 or after. Buyers who close escrow before then, and those who closed after a similar 2009 tax break ended last July, are ineligible.
Read more: http://www.sacbee.com/2010/03/26/2634445/schwarzenegger-signs-extended.html#ixzz0jbQCGsQU
