Ok, here is a little more info on the taxes.
All prizes are subject to Federal and State withholding tax. Winners assume property takes accrued after closing and subsequently there after, all assessments, all local, state and federal income taxes, and title closing cost, if any. Winner must choose the home or cash within 10 days after the drawing. If the winner chooses the home, closing must occur within 30 days after drawing.
Also, In the event that the Y does not sell a minimum of 20,000 raffle tickets on or before June 18, 2007, they reserve the right to withdraw the initial prizes and the ticket sales will be split 50/50 between the Y and a single prize winner. There are 10 prizes if they sell a minimum of 20,000 tickets.
1st place: House or $200,000
2nd place: $10,000
3rd place: $5,000
4th place: $2,500
5th place: $2,500
6th place through 10th place: $1,000
They will also have a tour of the house April 7, 14, 21 and 28 from 9:00am until Noon
Another thing, winners need not be present to win on June 22, 2007 at 9:00am when the drawing will be held.
If any one has any more questions feel free to ask. If I don't know the answer, I'll find it for you.
Thanks!
