Changes To The New York State Star Program
My good friend and leading Real Estate Broker Marcia Clarke, the Owner and Principal at M C Realty Consulting and Management, Inc., in Brooklyn, NY does a wonderful job of keeping real estate professionals and those in related professions up to date with important information.
Marcia is a member of the Long Island Board of Realtors, which is where she found this information about changes to the New York State Star Program.
Due to changes in the law, the STAR (School Tax Relief) Program has been modified. Here are some highlights of the Star Program:
Effective July, 1 2019:
– If you own your own home, it’s your primary residence, and your income is $500,000 or less, you are eligible for the Basic STAR Program.
– If your income is greater than $250,000 and less than or equal to $500.000, you will receive a check for the STAR credit instead of a reduction on your school tax bill.
– If your income is $250,000 or less, and you are currently receiving the STAR exemption (a direct reduction on your school tax bill in the form of a property tax exemption), you can choose to register for the STAR credit to receive a check instead.
– The STAR exemption program is now closed to new applicants. New applicants can only register for the STAR credit.
– Homeowners with income greater than $250,000 and less than or equal to $500,000 who currently receive the STAR exemption, need not take any additional action to start receiving the STAR credit in the form of a check.
– If your income is $250,000 or less and currently receive the STAR exemption but want to receive the STAR credit instead, you have to register with the NY State Department of Taxation and Finance to make the switch.
– The taxing authority is giving homeowners an incentive to switch to the STAR credit. STAR credits may increase as much as 2% each year, but the value of the STAR exemption savings cannot increase.
– Enhanced STAR is provided to homeowners age 65 and older for their primary residence if their income is $86,300 or less for the 2019-2020 school year.
– Enhanced STAR recipients are now required to enroll in the Income Verification Program (IVP).
– Homeowners need not register every year for the STAR Program. Once registered, they are automatically reviewed for eligibility each year.
Want To Know More?
For more information, please go to: https://www1.nyc.gov/site/finance/benefits/landlords-star.page
Courtesy of the Long Island Board of Realtors, August 2019
If you would like to reach Marcia Clarke to buy, sell or manage real estate, here’s how to reach her:
Marcia Clarke, Broker – 917 841 2121
MEMBER: National Association of REALTORS-Brooklyn Board of Realtors. ABR CIPS CRS ePRO SRES; AREAA: ICSC: NAREB: projectREAPNY 2016: ULI: WCR-PMN
M C Realty Consulting & Management Inc.
1431 Nostrand Ave Brooklyn NY 11226 O: 718 484 8582 F: 718 345 0102
Eustace L. Greaves, Jr., LUTCF wants to help his clients “Live Life Full Covered.” He accomplishes this by combining homeowners, renters, flood, life, disability, long term care, co-op, condo, umbrella liability and auto insurance policies with income tax strategies designed to meet and exceed client goals and needs.
If you want to ensure you and your family are living life fully covered, call Eustace today at 718-489-2218, or email him at [email protected] to make an appointment.