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.
Other articles filed under Family Finances
February 8, 2019
Over the summer, we had a client ask if there was a place to look for existing accounts or funds they or family members may have accumulated and forgotten about over the years. That sparked Julie’s memory of the New...
January 22, 2019
This recent market downturn has many investors drawing parallels to how they felt during the infamous 2008 financial crisis. The last 11 years have been a roller-coaster ride for investors. Right after seeing market highs in late 2007, investors experienced...
January 18, 2019
2018 was a woeful year for investing. All major stock market indexes were down, bonds enjoyed a year-end rally to finish flat, and commodities such as gold and oil fell. Seeing all asset classes drop in unison is unusual and...
January 14, 2019
I’ve been watching people drive all my life. I’ve been an individual investor and an investment advisor guiding clients for more than half of my adult life. I’m a curious soul and during a recent trip from Syracuse to Atlanta,...
January 11, 2019
Stock Markets December’s market reminds us that risk is real – even after the uptick at the end of the month, a global stock portfolio is down about 15% for the quarter and 12% for the year. Technology stocks (Amazon,...