ALBANY, N.Y. – Homeowners in New York State need to act soon if they want to continue to save big bucks on their taxes via the STAR property tax exemption program.
The NYS Department of Taxation and Finance is mailing STAR Registration letters to about 320,000 home owners in parts of New York State, reminding them to enroll for 2014. The registration is part of Governor Cuomo's 2013-2014 budget, which aims to save state taxpayers millions of dollars by eliminating STAR property tax exemptions.
The program specifically reduces the amount of money a homeowner has to pay towards the school district portion of their property taxes.
The STAR exemption is available for owner-occupied, primary residences where the combined income of resident owners and their spouses is $500,000 or less. Married couples with multiple residences are only eligible to receive one STAR exemption.
The exemption, which normally rolls over each year, needs to be filled out again by any homeowner wanting tax relief. Typically a homeowner would have enrolled in this program when they bought their home, and since then it has simply been renewed without any action. But if you want it for 2014 – you need to act soon.
The need to
reapply comes after lawmakers decided to try an eliminate wasteful spending on
inappropriate STAR exemptions – citing cases where people have double-dipped
and have received exemptions on multiple properties.
Anythony Gucciardo has been in real estate for 11 years. Since the STAR exemption was introduced 15 years ago, he's seen many people take advantage of its savings.
"Generally, from what I understand, the STAR exemption is between $600 and $1,200 a year," he said.
Gucciardo warns that if homeowners don't reapply, the will see an increase in their taxes.
Homeowners have until December 31, 2013 to register by telephone or online. Register online at www.tax.ny.gov or register by phone by calling #518-457-2036.
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