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New legislation for Basic STAR exemption

New legislation requires all homeowners receiving a Basic STAR exemption to register with the New York State Tax Department in order to receive the exemption in 2014 and subsequent years.
New legislation requires all homeowners receiving a Basic STAR exemption to register with the New York State Tax Department in order to receive the exemption in 2014 and subsequent years.

CPA David Young discussed the new legislation Monday morning on News 8 at Sunrise.

Young said the state is asking residents to re-register because the program was being strained by inappropriate and fraudulent uses.  The STAR program provides an exemption from school taxes for owner-occupied, primary residences where the combined income of the owners and spouses who reside on the property does not exceed $500,000.

Homeowners were sent letters at the end of August altering them to the need to re-register for the exemption.  They can do in one of two ways, by calling 518-457-2036 or logging onto the state website, click here.

To register you will need this information:

* a STAR code (NYS mailed codes to all Basic STAR recipients, or you can use the STAR code lookup)
* names and social security numbers of for all owners of the property and spouses
* confirmation the property is the primary residence of one of its owners (married couples with multiple residences may only claim one STAR exemption)
* confirmation the combined income of the owners and spouses who reside at the property doesn't exceed $500,000
* confirmation that no resident owner received a residency-based tax benefit from another state

The registration will not affect this year's tax bills, nor will it affect the Enhanced STAR program.  Senior citizens are required to register every year in order to qualify, and they should continue to reapply as in the past.

For any property owners who have purchased a house after March 1, 2013, or moved into a home they already owned, they should apply for the STAR exemption with their local assessment office.


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