Tuesday, September 30, 2014

STAR EXEMPTIONS AND REAL ESTATE TRANSFER IN 2014

Case: Until this year, your Basic STAR exemption renewed automatically.  If you want your Basic STAR to renew for 2014, you would generally have to register for renewal before December 31, 2013.

Seller of House A has Basic STAR for 2013/June 30, 2014 but leaves House A in 2013 to retire and puts House A on market. Seller cannot apply for Basic STAR because House A is no longer primary residence.

Buyer of House A contracts for sale of House A in May 2014 and closes end of June 2014.

Buyer discovers there is no Basic STAR for 2014/2015 and must apply for Basic STAR to take effect for 2015/2016.

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