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Good News for STAR Exemption

STAR Legislation Passed

Property Tax Cap Gets 4 Year Extension

star-exemption-application

Click to view on www.tax.ny.gov website

The New York State Association of Realtors (NYSAR) recently shared good news with all its members regarding the New York State School Tax Relief (STAR) Program. The state Senate and Assembly passed recent legislation, A.8323/S.6012, that extends the property tax cap for four more years.

It includes a couple of minor technical amendments and provides a four-year, $3.1 billion property tax rebate program for homeowners who qualify for a STAR exemption. NYSAR played a significant role in passing the tax cap in 2011 and kept the pressure on legislators this year to extend its benefits for homeowners.

These benefits are for owner occupied residences only and the only income restriction is that the combined incomes of owners and owners’ spouses can’t exceed $500,000. In order to qualify for 2016, the eligibility would be based on the 2014 tax year.

Roohan Realty provides a copy of the STAR application for all our clients after closing. Look for it in the package of information sent out from Tom Roohan to all of our valued clients.


Meg Minehan editedAbout the Author

Meg Minehan is an Associate Broker and consistent top producer at Roohan Realty. She specializes in residential real estate, relocation, marketing, negotiation, and leadership development. She lives locally with her husband Jack Minehan, who is also a member of the Roohan team. Learn more about Meg and view her listings on her website: www.megminehan.com

 

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