In New York State, the Basic STAR Property Tax Exemption now has an income limit of $500,000. So if you earn MORE than this amount, you will no longer be eligible for the STAR.
CLICK HERE for more information on the new limitations
Feel free to contact me with any questions
Andrew I think you missed the point. This post was for the people who make TOO MUCH money, and therefore cannot qualify.
For buyers earning $500,000 or LESS, the STAR is unchanged.
Donald - those making that kind of money can certainly afford it ..... they also have the ability and wherewithal to avoid other forms of taxes that lower income folks can't.
Correct Kathy, and I am not crying for them. This is one of the few things that I think New York State is actually doing right!.
Regardless, a lot of people don't realize they are losing this tax break, so its our job, as Realtors to inform them!
Donald [ or should I say "Donnie"--loved that video you posted ]...first let me say Welcome to the Site. Hope that you find a fun place here. As to the STAR program in New York, it is good that you reference this for persons interested in that area [s] in NY. Don't think that anyone is feeling sorry for anyone in any state who has higher $$$$ amounts in their bank accounts, but they too need to know about the program. Is this a NY only, or is it another Governmental program--at times it is hard to keep tabs on what comes out of D.C.
Have a great Friday & weekend.
Barb
Barb, first of all, its spelled "Donny" and I'm glad you liked the video!
STAR is a New York State program, and to qualify the property has to be your PRIMARY residence, not an investment property or a second home. As of this year, you have to earn under $500,000. There are 'enhanced STAR programs for qualifying senior citizens, earning under a certain threshold, and also for veterans.
Isn't it amazing though how many people don't take advantage of the Star Program. We recently got a listing where the buyer (who has been living in her condo for 6 years) said she didn't "have the time" ~ it's only a short form to fill out that can thousands over the years!
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