Home Buying in Brooklyn>Question Details

Peterosenbla…, Home Buyer in Maplewood, NJ

What is the stars program?

Asked by Peterosenblatt, Maplewood, NJ Thu Jun 13, 2013

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Good morning Peter,

The New York STAR program is School Tax Assessment Relief, or, as is more commonly known througout the United States, "Homesteader Exemption" to reduce property taxes on a primary residence.

Here's the link for more info: http://www.tax.ny.gov/pit/property/star/eligibility.htm

If you are purchasing a home in New York keep in mind that the STAR exemption(s) is NOT transferrable to you at closing. You must apply for and be approved for your own STAR exemption once you have obtained title to the home.

There are various types of exemptions including those for Veterans, Senior Citizens, and Clergy, apart from the standard exemption provided to homeowners of a primary residence.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

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1 vote Thank Flag Link Fri Jun 14, 2013
1 vote Thank Flag Link Thu Jun 13, 2013
The Stars Program is a Tax Relief program for primary residents. It is described very well on the following New York State website:

0 votes Thank Flag Link Thu Jun 13, 2013
New legislation requires all homeowners receiving a Basic STAR exemption to register with the New York State Tax Department in order to receive STAR exemptions in 2014 and subsequent years.

Beginning with 2011-12 school tax bills, the savings resulting from the Basic or Enhanced STAR exemptions were limited to a 2% increase over the prior year.

Two types of STAR exemptions:

Basic STAR
•available for owner-occupied, primary residences where the resident owners' and their spouses income is less than $500,000
•exempts 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
•exempts the first $63,300 of the full value of a home from school taxes as of 2013-14 school tax bills (up from $62,200 in 2012-13)

STAR exemptions apply only to school district taxes. They don't apply to property taxes for other purposes, such as county, town or city (except in cities where city property taxes fund schools - Buffalo, New York City, Rochester, Syracuse and Yonkers).

Also see: School Property Tax Report Cards hosted by the New York State Education Department.

Hope this help you.. George
0 votes Thank Flag Link Thu Jun 13, 2013
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