Star Program - Home Owners Must Re-Enroll To Receive by 2014 in NY

By
Real Estate Agent with Keller Williams Realty
http://actvra.in/SZZ

As part of the budget that was passed last week by the New York State Legislature, homeowners will have to re-register to receive Basic STAR benefits by April 1, 2014.  2013 tax benefits will not be affected.  

To try and prevent fraud in the STAR program, STAR will now be administered through the New York State Department of Tax and Finance.  Starting in 2014, homeowners with an income of less than $500,000 may reapply for the exemption on the first $30,000 of the assessed value on their primary residence.  This one-time renewal will eliminate those who are receiving the benefit improperly, either by having the deduction on more than one property or exceeding the maximum income level, by creating a statewide database accessible to all local enforcement officials.  Details about how and when the reapplication period will begin have yet to be released.

new york star program changes

Posted by

Debbie Walsh, GRI, CNE, CHMS, REM | Office (845) 928-8000 | email me
website www.viewhudsonvalleyhomes.com | search for homes

If you are Buying, Selling or Relocating to the Hudson Valley area and need help from a professional REALTOR®, I would be happy to assist you! Please visit my Hudson Valley website for property searches and to sign up for free listing alerts and other information.

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Lora "Leah" Stern 914-772-4528 04/03/2013 07:27 PM
Topic:
Real Estate Market Trends
Location:
New York Orange County Warwick
Groups:
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star program changes

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Show All Comments
Rainmaker
1,568,601
Debbie Gartner
Floor Coverings International Westchester NY & Stamford CT - White Plains, NY
The Flooring Girl - Westchester hardwood flooring

That is good to know.  Thx so much, Debbie.  I will need to reapply...when they tell us when/how. Thx for being my guardian angel.

April 02, 2013 04:11 PM #1
Rainmaker
508,435
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Thanks Debra. Great info about the Star program benefits.

April 02, 2013 04:50 PM #2
Rainmaker
699,252
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

Debra, this is important information for everyone in New York.

April 02, 2013 09:00 PM #3
Ambassador
1,268,049
William Johnson
RE/MAX Associates - San Diego, CA
San Diego Real Estate Voice, GRI CRS e-Pro CDPE
Hi Debra, This is very interesting and while we don't have this kind of program, it is interesting to know about other markets around the US and New York is a very significant market to understand.
April 02, 2013 09:34 PM #4
Rainmaker
872,569
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Had no idea, thank you. I will create a sheet on the topic that I will share with NY clients that I do a mortgage for.

April 03, 2013 02:23 AM #5
Rainmaker
438,579
Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - West Lafayette, IN
West Lafayette homes for sale
Debra, this is great information for your consumers about the changes to the STAR program in New York.
April 03, 2013 06:29 AM #6
Rainmaker
494,751
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Debbie,  I wasn't aware of this - thanks for the update and I'll spread the work and will reblog.

April 03, 2013 07:24 PM #7
Anonymous
Anonymous
Anonymous

Howdy and evening Debra

Debra my friend
, folks sure are going to find your outstanding blog post to be mighty helpful. Its sure to bad that some folks feel the need to get benefits improperly.

Have a good one
Dale in New Hampshire

April 03, 2013 10:31 PM #8
Rainmaker
720,035
Debbie Walsh
Keller Williams Realty - Middletown, NY
Hudson Valley NY Real Estate 845.928.8000

Thanks everyone for your comments...always important to know about tax breaks!

April 04, 2013 08:40 AM #9
Rainmaker
983,884
Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Debbie, I don't think we have a program like that and although it doesn't sound like a lot of money, every little bit helps.

April 04, 2013 04:37 PM #10
Rainmaker
720,035
Debbie Walsh
Keller Williams Realty - Middletown, NY
Hudson Valley NY Real Estate 845.928.8000

Nick - Around here it is relied on pretty heavily.

September 16, 2013 12:05 PM #11
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Rainmaker
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Debbie Walsh

Hudson Valley NY Real Estate 845.928.8000
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