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In a deal between the New York legislature and Governor Andrew Cuomo, the state has changed the way new homeowners can take advantage of the STAR program. While the total amount of the tax relief remains unchanged, the difference is in “when” you receive it.
Under the previous program rules, homeowners eligible for the STAR program received the STAR refund in the form of a property tax exemption and thereby saw a reduction in their tax bill. So, homeowners who escrowed their taxes as part of their mortgage would see the benefits of the tax break on a monthly basis. Now, all home purchases will receive a tax rebate check for a portion of their school property taxes on a yearly basis. You will no longer be required to register with your local tax assessor but instead will now register directly with New York State.
Now, all home purchases will receive a tax rebate check for a portion of their school property taxes on a yearly basis.
The interesting part is that the change is being made retroactively to 2015 tax year!
So, if you purchased a primary residence after May 1st, 2014 you would now need to apply for the new STAR program if:
Most municipalities have a March 1st, 2015 deadline; however some do have different deadline requirements. To check for yours please click on the following link www.tax.ny.gov/pit/property/star/2015-star-deadlines.htm
Should you need to register for STAR, go to Register for the STAR credit or call 518-457-2036. Make sure to have your school tax bill ready when you call.
Even though you now register directly with New York State, your local town assessor is still a great resource of information and guidance with this process. Reach out to them for assistance or information to ensure you are taking advantage of all the benefits that you are eligible for!
Reference: New York State Department of Taxation and Finance
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