Most municialities offer STAR. The basic STAR program is as of right. The program has been changing for example this year there was a one time additional check from the State which was income based.
The "offset' comments refers to the fact that STAR is a rebate on your school taxes. So that portion of the maint deduction has to be reduced so you do not "double dip" the tax deduction. It is not a big deal.
You may find that there is the occaisional bldg that does not give out STAR because they kept it in lieu of a maintenance increase. That is perfectly legal.
Any other questions please email me through my website below. I will be ahppy to answer.
Does everyone qualify for the STAR reduction? Does every Coop offer STAR?
Also could you please clarify what you meant by "This is on top of your coop deductions except for the
taxes where there is an offset. "
I thought i could deduct both the interest on coop's mortgage AND the property tax in addition to the deduction on my own mortgage interest?
Thanks for the info
You are right on the money! Most buyers draw blanks when I explain this. Keep in mind you can in most instances get the STAR deduction, which varies by municipality. In Yonkers it works out to roughly $96/month (will change 7/1). This is on top of your coop deductions except for the taxes where there is an offset. It does defiantely reduce your monthly costs.