Hudson Valley Musing

head_left_image

How does the STAR Program affect my taxes?

How does the STAR Program affect my taxes?

This is a question frequently asked by home buyers in New York.

The School Tax Relief Program otherwise called STAR; as the name implies is intended to give NY homeowners a break on their school taxes. It is no surprise that relief is needed since NY has some of highest taxes

The relief was recently restricted to households with income less than $500,000. There are actually two parts to this program, the Basic STAR and the Enhanced STAR which is given to seniors with income less than $79,050 and at least 65 years old.

The amount given varies from municipalities; in Red Hook the Basic Star is $48,990 and the enhanced STAR is $98,150. If for example your home is assessed at $200,000 and you qualified for the Basic Star the amount you would be taxed on would be $200,000-$48,990=$151,010; seniors would be taxed on $101,850

For more information you will need to contact the assessor in the town you are purchasing the home. Also keep in mind that there are deadlines when filing, this too varies depending on the county and township.

It is customary for you attorney are real estate agent to inform you of this, and most times at the closing the attorney will give you the application.

STAR

JFIVE Logo

  162 Deer Run Road, Red Hook NY 12571| 845-758-6842

  Jennifer Fivelsdal  |   Real Estate Broker  |  jennifer@jfivehomes.com  www.jfivehomes.com  or  www.midhudsonhomevalue.com

  Follow Me on Pinterest
 
HOW'S THE MARKET? FIND A HOME BUYERS SELLERS BLOG
6 commentsJennifer Fivelsdal • January 30 2011 11:50PM
How does the STAR Program affect my taxes?
share
How does the STAR Program affect my taxes? This is a question frequently asked by home buyers in New York. The School Tax Relief Program otherwise called STAR; as the name implies is intended to give NY homeowners a break on their school… more
Speechless Sunday-I am never tired of you
share
This afternoon I had a few appointments, all in all it was a very productive afternoon. Heading home a little after 5PM I saw the colors and sun shining on the snow through the trees. Since I am am never tired of sunsets I pulled over. I was so… more
Now where do I sign? I am a member of this family
share
Today I was taking a listing and the cat of the house checked me out fully, even going so far as looking in my bag. When we got to the point where documents were being signed he jumped up on a folder and looked me square in the eyes as if to say.. more
How to get ready for a showing appointment in this winter weather
share
How to get ready for a showing appointment in this winter weather If your home is on the market now, you have had to cope with many snow storms; so it is a challenge getting it ready for showing. I am not talking about the inside, but rather the… more
It must be cold outside wouldn't you say?
share
It must be cold outside wouldn't you say? I can't remember the last time I have seen icicles this big in Rhinebeck. You are probably thinking this must be Jennifer's igloo, well it is not. Many of the homes I have seen in the last few days do have… more
Dutchess County NY Real Estate Market For December 2010
share
SINGLE FAMILY DETACHED DUTCHESS HOMES FOR December 2010 The December 2010 real estate report for Dutchess County showed an increase in the median home price of homes sold. At the same time there were 20 less homes sold in 2010 when compared to… more
End unit condo for sale at Tivoli Garden Tivoli NY
share
This 2 bedroom Tivoli Garden Condo is perfect for carefree living. It is much sought after end unit on the ground floor. So, here is your opportunity to own this comfortable condo facing the woods. There is even a 3 season enclosed porch which… more
Rhinebeck and Village of Rhinebeck NY Real Estate Market Report for…
share
In Rhinebeck NY during December 2010 7 single family homes sold with price ranging from $339, 000-$1, 525, 000. In 2009 there were 4 sales between the town and village with a price range of $320, 000-$1, 150, 000. Below is a comparison of 2010 to 2009… more
Speechless Sunday-Cold
share
Saturday I was showing houses and it was cold and windy I couldn't wait to get home and have a cup of tea. AnywayI decided to take a different way home so I went down this country road with wide open fields, old farmhouses and barns. As I went by… more
Well, NO we did not buy a home with 1950's appliances! AND YES, we…
share
I thought this blog post written by Judi Barrett was very timely. Many sellers are hoping to get their home sold in the spring for top dollars. If you have an older home or as we say in the real estate industry a dated home, here are some reasons… more