NY State Star Program Benefits for 2014- Home Owners Must Re-Enroll!
NY State Star Program Benefits for 2014- Home Owners Must Re-Enroll!
For all you homeowners in New York State that are benefiting by receiving STAR deductions on your school taxes, you'll have to reapply for benefits in order to receive them in 2014 and going forward. Here's the scoop on this via a blog by my good friend Debbie Walsh.
As part of the budget that was passed last week by the New York State Legislature, homeowners will have to re-register to receive Basic STAR benefits by April 1, 2014. 2013 tax benefits will not be affected.
To try and prevent fraud in the STAR program, STAR will now be administered through the New York State Department of Tax and Finance. Starting in 2014, homeowners with an income of less than $500,000 may reapply for the exemption on the first $30,000 of the assessed value on their primary residence. This one-time renewal will eliminate those who are receiving the benefit improperly, either by having the deduction on more than one property or exceeding the maximum income level, by creating a statewide database accessible to all local enforcement officials. Details about how and when the reapplication period will begin have yet to be released.
Debra Walsh, GRI, CNE, CHMS, REM | Office (845) 928-8000 | email me
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