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54 - CAPE GAZETTE, Friday, April 14 - April 20, 2000
Submitted photo
Lowe wins engineering scholarship
Environmental Consultants International Corpora-
tion (ECI), Rehoboth Beach, has announced that
Melissa Lowe, a senior attending Sussex Central High
School, has been awarded the third annual ECI engi-
neering scholarship. The award was presented to
Lowe at the National Engineer's Week Banquet held
at the DuPont Country Club. Lowe was congratulated
by Gov. Tom Carper, left, along with F. Douglass Warn-
er. The $2,500 scholarship will be distributed directly
to the university where Lowe chooses to attend. Lowe
has been extended the opportunity to work as an in-
tern at ECI during the summer of her rising senior
year. ECI extends its best wishes to Lowe while pursu-
ing her engineering education and career.
Homeowners underestimate
their annual tax benefits
By Ed Swiatek
Owning a home could save home-
owners thousands of dollars in taxes.
Under federal law, homeowners may
deduct the interest paid on a mortgage
loan and, in turn, pocket substantial
savings - as much as $3,500 on a
$150,000 property.
"Homebuyers often overlook or un-
derestimate the tax benefit of deduct-
ing interest paid on a home loan," said
Ed Swiatek, branch manager for the
Rehoboth Beach area of Norwest
Mortgage, a leading originator and
servicer of residential mortgages.
"And, considering its iongterm im-
pact, interest rate deductions should
be a determining factor when purchas-
ing a home."
The specific tax advantages of
homeownership are based on several
factors, such as annual income, the
federal income tax bracket of a house-
hold, amount and interest rate of the
mortgage loan as well as the annual
taxes paid on the property.
For example, a homeowner with a
$150,000 mortgage loan at 7 percent
interest faces $2,000 in property taxes.
During the first full year of the loan,
the homeowner will pay roughly
$10,500 in mort-
gage interest.
Combined with
property taxes, the
homeowner can
deduct $12,500 be-
fore calculating
taxes. A homeown-
er in the 28 percent
tax bracket saves
SWIATEK
28 percent of
$12,500 - or $3,500.
Swiatek reminds tax payers that the
mortgage interest deduction is highest
in the initial years, declining over time
with the loan balance. So, the first few
years of homeownership often pro-
vide the greatest tax benefits.
Over time, though, other tax bene-
fits may apply. Interest costs on a sec-
ond mortgage or home equity loan
(with a principal balance of up to
$100,000) are deductible. In addition,
homeowners can often avoid paying
extra taxes on the sale of the home if
they have lived in it at least two of the
last five years before the sale.
"If you've never owned a property,
you may switch from a standard de-
duction to an itemized deduction once
Continued on page 55
HOMES.
Rehoboth Bay Realty, Co.
REAL ESTATE FORTHE REAL WORLD
centrbr@dmv.com
302-945-7600
Quality Service Pinnacle
Award Winning Office
WHAT A DEALt
Two homes on one lot, each with 3 BR and
1 1/2 BA. Front house has new appliances
and new roof. Back house, which was
rebuilt in 1995, has new windows, new
roof, new appliances and more. Rent one
out and use the other for your own fun in
the sun. Ocean block in Dewey Beach.
$179,000.
MAKE NEW MEMORIES
Brand new 3 BR, 2 BA Cape cod located in
Warwick Park. Home has heat pump
w/electric BB backup and a bonus room on
the second floor. Buy now and the second
story can be finished the way you want it.
This is a marina community with crabbing
)iers and over 4 acres of common area for
all to enjoy. $134,900.
THIS IS A FINDt
A 4 BR, 1 1/2 BA Cape Cod that offers oil
heat, central air, family room, large kitchen l
with breakfast bar and eating area, sepe- I
rate dining room, partial basement and |
more on approximately 1/2 acre. This I
beautiful home is located in Historic Milton |
and priced at $129,900. I
THE PRICE IS RIGHT
for you to own your home at the beach.
Like new 3 BR, 2 BA doublewide with effi-
cient gas heat, central air, utility room and
is partially furnished. Located in Pot Nets
Bayside. Why pay rent when you can
afford to own! A lovely, well maintained
home for just $52,000.