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.
Other articles filed under Family Finances
April 29, 2016
Lockheed Martin MST recently announced the upcoming Voluntary Layoff Program with the goal of reducing the divisional workforce by 1,500 employees. If you are considering retirement and are eligible for the Voluntary Layoff Program, it may make sense to deeply...
April 28, 2016
When evaluating a financial advisor, the most important factor is that they truly understand you as a person and your personal situation. At Rockbridge, we have a dedicated focus in working with clients that are employees of Lockheed Martin. Because...
April 14, 2016
Stock Markets After January’s rough start, stock markets bounced back nicely in March, bringing most numbers into the black for the quarter. Domestic Small Cap and International Developed Markets are the exception – down about 1.5% and 2%, respectively. Notice...
April 11, 2016
I will make the argument here: Most people would rather go to the dentist than get their estate documents (Living Will, Power of Attorney and Health Care Proxy) in order. Why? The dentist appointment usually only lasts an hour and...
April 7, 2016
“The three worst words of stock market advice: Trust Your Gut.” That was the headline of a recent article by Jason Zweig in The Wall Street Journal, reporting on a new academic study. Dr. Robert Shiller of Yale, who won...