Aug 23

Action Required: NYS STAR Registration Not Automatically Renewed

by Geoff Wells

For almost all New York State homeowners, the School Tax Relief (STAR) program reduces the amount of property tax owed. This program saves families hundreds of dollars every year.  Previously, a new homeowner registered for the STAR property tax exemption when purchasing a home.  After the initial application, the STAR exemption was carried forward into the future.   Unfortunately for 2014, NYS STAR exemption is not automatically renewed and each resident needs to reapply or risk losing the exemption.

Do you qualify?

The exemption is available for owner-occupied, primary residences where the combined income of resident owners and their spouses is $500,000 or less.

What to do now?

New York State is requiring all STAR homeowners (senior citizens with Enhanced STAR are exempt) to reapply for the STAR credit.   In the mail shortly, there will be a letter from the NYS Department of Taxation and Finance with instructions on how to apply for the STAR exemption.   You can also find the information on the NYS tax website at www.tax.ny.gov or by calling the Tax department at (518) 457-2036.

Please make sure you reapply for the STAR tax exemption and pass the word around to all friends and family.

About the Author

Geoff Wells is a Certified Financial Planner at Rockbridge Investment Management. “My interest in financial planning grew from assisting friends and coworkers with their retirement plans. Over time, I developed a knack for simplifying overly complex financial topics. After several years into my aerospace career, I knew that helping people with their personal finances was my professional calling. I feel extremely fortunate to have joined Rockbridge with its fee-only advisory model and remarkable team approach to financial planning.” Geoff is a graduate of the CERTIFIED FINANCIAL PLANNER™ Certification, Ohio State University Finance (M.S.) and MBA, Kelley School of Business, Indiana University, with a Mechanical Engineering (B.S.), University at Buffalo.
Learn more and/or Contact Geoff


You Might Also Like

Other articles filed under Family Finances

Market Commentary July 2016

July 20, 2016
Stock Markets Just look at the short-term variability in the various equity indices shown in the accompanying chart.  It shows how markets behave through time – some markets are up substantially while others are down.  Of course, this variability is...
Continue Reading

Client Care: Beyond Investing

July 18, 2016
Although our name is Rockbridge Investment Management, there are many services that we provide to our clients beyond managing investments.   We wanted to share just a few of these additional skills with our clients. General Questions We are here for...
Continue Reading

Another Surprise – Yet Again!

July 14, 2016
The recent vote in Britain to exit the European Union is yet another reminder of how markets often react negatively to surprises. We cannot help but ask ourselves, “Is it different this time? Maybe this is the event that upends...
Continue Reading

Introducing Kevin Sullivan

July 8, 2016
Rockbridge is pleased to announce that Kevin R. Sullivan joined the firm in April after spending 25+ years in the trust & investment management divisions of local banks.  Kevin is a graduate of St. John Fisher College and brings to Rockbridge experience...
Continue Reading

Brexit Votes and Market Outcomes

June 24, 2016
Believe me, we get it. After yesterday’s Brexit referendum and its startling outcome, it’s hard to view today’s news without feeling your stomach twist over what in the world is going on. Whenever the markets scream bloody murder, your instincts...
Continue Reading

‹ Back to Blog Home

getting started is simple

315.671.0588 info@rockbridgeinvest.com Schedule a meeting Sign Up for Our Newsletter