Homeowners should be aware of a new rule for the New York State Star Program. Beginning this year taxpayers who earn more the $500,000 a year will no longer be eligible for the Basic Star Exemption.
New York State’s School Tax Relief (STAR) Program provides property tax exemptions (also known as homestead exemptions) for New York homeowners. Basic STAR is available to anyone who owns and lives in his or her own home and earns less than $500,000. Enhanced STAR is available to senior homeowners whose incomes do not exceed $79,050.
There are two parts to the STAR property tax exemption: Basic STAR is available for owner-occupied, primary residences where the owners’ total income is less than $500,000. Basic STAR works by exempting the first $30,000 of the full value of a home from school taxes. Enhanced STAR provides an increased benefit for the primary residences of senior citizens (age 65 and older) with qualifying incomes. For qualifying seniors, Enhanced STAR exempts the first $60,100 of the full value of their home from school taxes.
What Happens Next:
If your assessor notifies you that you’re ineligible for the Basic STAR exemption:
If you agree that you’re ineligible, you don’t need to do anything. However, if your income drops below the limit in the future, you’ll need to re-apply for the exemption.
If your household income is below $500,000 and you believe that you’re eligible for the exemption, contact your assessor. The assessor may advise you to file a formal assessment grievance.
If you receive a notice from your assessor requesting more information, provide the assessor with your 2009 federal and state income tax returns. If you don’t file a tax return, you’ll need to provide the assessor with all of your 2009 income statements (1099 statements, W-2 forms, etc.).
If you don’t receive a notice from your assessor, there’s no need to do anything – you’ll continue to receive the Basic STAR exemption.
How Income is Defined:
For 2011, income for Basic STAR purposes is based on the 2009 tax year, and is the combined income of all owners who reside at the property, and any owner’s spouse who resides at the property. For more information: Check out FAQS or Download the Brochure. The STAR Website has additional information and links to access forms and related websites.
The Town of Huntington Town Assessor’s Office is located in Town Hall, 100 Main Street, Huntington. Information about the Star Program is posted on The Town’s Website.
Bryan J. Monaghan, Town Assessor
Phone: (631) 351-3226 Fax: (631) 425-0128
For all of your real estate needs, Contact Cheryl Grossman 631-223-5849 or Cheryl@LIagent.com. Search for all homes for sale on Long Island at www.LIagent.com.