Aug 23

Action Required: NYS STAR Registration Not Automatically Renewed

by Geoff Wells

For almost all New York State homeowners, the School Tax Relief (STAR) program reduces the amount of property tax owed. This program saves families hundreds of dollars every year.  Previously, a new homeowner registered for the STAR property tax exemption when purchasing a home.  After the initial application, the STAR exemption was carried forward into the future.   Unfortunately for 2014, NYS STAR exemption is not automatically renewed and each resident needs to reapply or risk losing the exemption.

Do you qualify?

The exemption is available for owner-occupied, primary residences where the combined income of resident owners and their spouses is $500,000 or less.

What to do now?

New York State is requiring all STAR homeowners (senior citizens with Enhanced STAR are exempt) to reapply for the STAR credit.   In the mail shortly, there will be a letter from the NYS Department of Taxation and Finance with instructions on how to apply for the STAR exemption.   You can also find the information on the NYS tax website at www.tax.ny.gov or by calling the Tax department at (518) 457-2036.

Please make sure you reapply for the STAR tax exemption and pass the word around to all friends and family.

About the Author

Geoff Wells is a Certified Financial Planner at Rockbridge Investment Management. “My interest in financial planning grew from assisting friends and coworkers with their retirement plans. Over time, I developed a knack for simplifying overly complex financial topics. After several years into my aerospace career, I knew that helping people with their personal finances was my professional calling. I feel extremely fortunate to have joined Rockbridge with its fee-only advisory model and remarkable team approach to financial planning.” Geoff is a graduate of the CERTIFIED FINANCIAL PLANNER™ Certification, Ohio State University Finance (M.S.) and MBA, Kelley School of Business, Indiana University, with a Mechanical Engineering (B.S.), University at Buffalo.
Learn more and/or Contact Geoff


You Might Also Like

Other articles filed under Family Finances

Market Commentary – July 2017

July 24, 2017
Stock Markets The chart at right shows stocks performing well in the past quarter and six-month periods.  Year to date, domestic large-cap stocks were up about 9% while small-cap stocks were up 5%.  Stocks traded in international developed markets and...
Continue Reading

Why Perspective Matters

July 19, 2017
I often say that one of our primary roles as an advisor is to provide context and perspective for clients, allowing us to collaboratively make better decisions. Behavioral economists have identified narrow framing as the tendency for investors to make...
Continue Reading

History of the Fee-Only Advisor Movement

July 14, 2017
I recently returned from a fee-only advisor industry conference.  In addition to educational opportunities, it was a rewarding experience to spend time with other like-minded professionals. Rockbridge advisors have been attending these conferences for almost 10 years, so I thought it...
Continue Reading

Do You Suffer from “Narrow Framing”?

June 26, 2017
Oftentimes, many investors get caught up in short-term results rather than looking at the big picture. This is known to behavioral economists as "narrow framing," or "a tendency to see investments without considering the context of the overall portfolio." Unfortunately, this...
Continue Reading

Avoiding Financial Scams and Identity Theft Slams

May 24, 2017
Young or old, wealthy or poor, online or in person … Nobody is immune from financial scams and identity theft slams. No matter who you are or how well-informed you may be, the bad guys are out there, daily devising...
Continue Reading

‹ Back to Blog Home

getting started is simple

315.671.0588 info@rockbridgeinvest.com Schedule a meeting Sign Up for Our Newsletter