Up until now every homeowner that qualified for the STAR program (School Tax Relief) applied only once and at the time of their purchase. Changes have been made to the STAR program and only affects first time homebuyers in New York State. The STAR program exempts the first $30,000 of a homes assessed value and appears as a reduction in the school tax portion of your bill.
Now, first time home buyers will apply and receive an actual check in the mail. The reduction varies from town to town in Westchester County and changes each year. Click here to see the 2016 amounts.
To apply for the rebate please visit www.tax.ny.gov/star , you must apply no later then July 1 in order to receive a check by September. Any applications received after July 1 will receive at a later, unspecified date. Check with the State for details.
Basic STAR - an applicant must make under $500,000 per year and use the home as their primary residence.
Enhanced STAR - an applicant must be at least 65 years old unless the owners are spouses or siblings. In that case at least one of them has to be at least 65 years old. The income limit changes for inflation on a yearly basis.
2016 income limit - $84,550
2017 income limit - $86,000
The STAR program was created in 1997 by Gov. Pataki to help alleviate some of the school tax burden homeowners face. Since the majority of your property taxes go to the schools it makes sense to apply the reduction to that portion. The difference is made up by the state of New York and is considered to be a form of aid.
Please feel free to contact me, Christopher Pagli directly on 914.406.9023 or email Chris@LegendsRealtyGroup.net to discuss the STAR program and any other home buying concerns.
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