Wednesday, August 21, 2013

RE-REGISTER FOR STAR

As noted on the NYS Dept. Taxation & Finance website:
 
"Two types of STAR exemptions:
 
Basic STAR
  • available for owner-occupied, primary residences where the resident owners' and their spouses income is less than $500,000
  • exempts the first $30,000 of the full value of a home from school taxes
Enhanced STAR
  • provides an increased benefit for the primary residences of senior citizens (age 65 and older) with qualifying incomes
  • exempts the first $63,300 of the full value of a home from school taxes as of 2013-14 school tax bills (up from $62,200 in 2012-13)"
"New legislation requires all homeowners receiving a Basic STAR exemption to register with the New York State Tax Department in order to receive the exemption in 2014 and subsequent years.
  • Homeowners will not have to register in order to receive their 2013 STAR exemptions.
  • Homeowners will not have to re-register every year. Based on the information provided in the registration process, the Tax Department will monitor homeowners' eligibility in future years."
For more information, see this link:

http://www.tax.ny.gov/pit/property/star13/default.htm

No comments:

Post a Comment