r/RealEstate – ELI5 – NYS STAR Tax Credit/Exemption

property tax relief credit; STAR credit. you do not need to do anything on your 2018 federal and New York State income tax returns, unless you.

Tax credits are unique in that they have the same tax-reducing value for all taxpayers regardless of your total income and tax liability. A tax credit can reduce the amount of taxes you owe by the total amount of the credit regardless of whether you made $30,000 or $100,000 in a given tax year.

In New York City, the STAR Program is a tax exemption for those who applied before Fiscal Year 2015-2016 and a tax credit there after for new applicants. The program, which acts similarly to (but is much less extensive than) homestead exemptions in other states, was enacted on August 7, 1997, [1] a product of the annual budget of then- Governor.

Important information for STAR exemption recipients. Realtors and attorneys, as your clients purchase new homes, we encourage you to.

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At Russo Law Group, P.C., as your Long Island Real Estate Attorney, we have. and homeowners who are eligible for the School Tax Relief (STAR) program.. The following are a list of common NYS Property Tax Exemptions:.. Marie Elena R. Puma.. facebook twitter email pinterest linkedin Reddit WhatsApp Gmail.

ALBANY, NY – New York State Department of taxation and Finance has announced a new initiative that changes the way homeowners apply for the basic STAR Tax Exemption. The Tax Department as of August 26th, 2013 and confirmed by the department in a written statement, has mailed out 550,000 STAR registration letters to Homeowners in 17 Western Region Counties.

New York State (NYS) now requires property owners to register with the NYS Tax Department so that they continue receiving the Basic STAR real estate tax exemption in the 2014 year and beyond. The NYS Basic STAR exemption is a school tax exemption for property owners.;

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Real Estate Taxes are due semi-annually on June 25th and December 5th. Supplement bills are due within 30 days of the bill date. view the Treasurer’s calendar for current supplements and due dates. Ways to Pay

New York spends $3 billion a year on the STAR rebate program.. Called the property tax relief credit, New York decided four years ago to give.