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NY STAR Program Registration for Homeowners

Starting in 2014 and beyond, in order to receive Basic STAR exemption in New York State, new legislation is requiring all New York Homeowners receiving a Basic STAR exemption to register with the New York State Tax Department in order to receive the exemption going forward.

The Registration period stated on August 19th, 2013 and is going to continue through December 31st, 2013.  For more information please visit the New York State Department of Taxation and Finance’s STAR Resource Center.

What is STAR?  What does STAR stand for in New York in regards to taxes?  STAR stands for School Tax Assessment Relief.  It is A New York State school tax relief program, which provides a partial exemption from school property taxes for homeowners that became law in 1997.

There are two types of STAR exemptions, Basic Star which is available for owner-occupied, primary residents where the income for the resident and their spouse is less than $500,000.  This Basic Star will exempt the first $30,000 of the full value of a home from the school taxes.

The Enhanced STAR is for primary residences of senior citizens (65 and over) and this provides an increased benefit with qualifying incomes.  It exempts the first $63,300 of the full value of a home from the school taxes.

* STAR exemptions may change from year to year; these figures are as of August 2013.

For more information regarding STAR and exempt areas and yearly updated information please visit the STAR Resource Center on the New York Department of Taxation and Finance website.

Maple Tree Funding is a Registered Mortgage Broker – NYS Department of Financial Services – All Loans are Arranged Through Third Party Lenders. Start the pre-qualification process today! We look forward to working with you.

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Posted in Mortgage Basics & Information on Wednesday, August 28, 2013 by Maple Tree Funding