October 23, 2013
The New York State STAR exemption provides 2.6 million homeowners an average savings of $700 on their school property tax bill each year. Any owner-occupied primary residence with a household income of $500,000 or less qualifies for this exemption.
For the past 15 years the basic STAR automatically renewed each year. This year NYS is mailing a letter to all STAR recipients. Everyone must re-apply by 12/31/13. The only exception is for senior citizens who have qualified for the Enhanced STAR exemption. They will continue to provide income verification to maintain their Enhanced STAR. The letter you receive will contain instructions to register online at www.tax.ny.gov . You can also register by calling 518-457-2036 to speak with a NYS representative. You must do so by 12/31/13 or you will lose this benefit.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).
IRS CIRCULAR 230 NOTICE:
As required by U.S. Treasury Regulations, please be advised that any written tax advice contained in this communication was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code