NYS STAR Exemption- What to know for 2014

New York State STAR Exemption- What to know for 2014

New legislation requires all homeowners receiving a Basic STAR exemption to register with the New York State Tax Department in order to receive STAR exemptions in 2014 and subsequent years.

This new legislation is to ensure that owner occupied properties are receiving the Basic Star on the homeowners primary residence. In March, the State did an audit and found massive flaws in the system.  To ensure less fraud, New York State is requiring homeowners to reapply for the 2014 tax year and by doing so NYS will save over one million by eliminating those abusing the system.

Enacted in 1998, the New York State STAR program provides a partial exemption from school taxes for most homeowners with incomes less than $500,000 on their primary residence. The state’s enhanced STAR program provides an additional benefit for senior citizens with incomes of $81,900 or less.

Homeowners will receive a letter in the mail within the next few weeks.  Owners will be required to verify their salaries, social security numbers and their primary residence address.

The process can be done by phone at 518-457-2036 or on the Web http://www.tax.ny.gov/pit/property/star/index.htm

Applications MUST be submitted by December 31, 2013 to receive the New York State STAR exemption in 2014. 

There will be a appeal process for homeowners who do not make the deadline.  I'm sure it will be a painful process, so get those forms in ASAP!