Are you a homeowner that is currently receiving a Basic STAR (School Tax Relief Program) exemption from New York State? Under the New York State tax laws, the Basic STAR tax exemption for school taxes is available for owner- occupied, primary residences where the resident owner’s and their spouse’s income is less than $500,000. This program exempts the first $30,000 of the full value of a home from school taxes.
In the past, homeowners that were eligible automatically received the exemption from New York State. However, the recent New York 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. The good news is that homeowners will not have to register in order to receive their 2013 STAR exemption. BUT in order to receive the exemption in 2014 and beyond, homeowners must register. As of now, this is a one-time registration, and homeowners will not have to re-register every year because the New York State Tax Department will monitor homeowners’ eligibility in future years.
The registration period to receive the 2014 (and beyond) STAR exemption is now open through December 31, 2913, and all homeowners can apply for this exemption online here through the New York State Tax Department.
Should you have any further questions regarding the STAR tax exemption or any other real estate questions, Duggan & Pawlowski LLP is here for you. Contact us today.