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

Property Taxes ELI5 – NYS STAR Tax Credit/Exemption (self.RealEstate) submitted 23 days ago by davejrthefirst I’m a first time home buyer – currently under contract, and I’m doing some research on the property taxes for the place – I’m fairly confident I understand everything except how the state arrives at this magical number that I get back.

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Once your registration takes effect, you’ll receive a check for the STAR credit rather than a reduction on your school tax bill (the STAR exemption). To see if you’ll begin receiving the STAR credit this year or if the registration will not take effect until next year, see Deadline to switch to the STAR credit from the STAR exemption.

New york state school Tax Relief Exemption (STAR) Individuals can qualify for either the Basic or Enhanced STAR Exemption depending upon age and income. Individual who own property which is their primary residence with income under 4500,00 ca qualify for the Basic STAR Exemption. However, individuals 65 years of age or older,

ELI5: Tax credits in regards to film and television productions. New York was ultimately chosen to stand-in for Boston, the most primary reason of all being the city’s "15% tax credit".. since the portion of the salary for the acting done in NY would be money spent in NY, and the star.

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The income limit for the BASIC STAR exemption is now $250,000. The income limit for the STAR credit remains at $500,000. If your income is between $250,000 and $500,000, the program is changing for you.

2. I am not familiar with the STAR program other than what I read on NYS’ website. I am looking at houses and I notice that some of their tax records have the STAR exemption and some do not. Why would this be? If I bought a home that doesn’t currently have it can I get it added on?

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