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19
STAR CREDIT
Are you eligible for STAR CREDIT?
By Mathew Joseph.
If you own your home, it's your primary residence, and your income is $500,000 or less, you're eligible for the Basic STAR credit. In addition, if you're 65 or older with an income of $98,700 or less, you may be eligible for the Enhanced STAR credit. Eligible new homeowners will receive their STAR savings in the form of a check or direct deposit directly from New York State. But you must register with the New York State Tax Department to receive a STAR credit. You can register 24 hours a day, 7 days a week at www.tax.ny.gov. Property owners without access to a computer can register by phone at 518-457-2036 weekdays between 8:30 a.m. and 4:30 p.m.
In the first year of your new home, you may receive the prior owner's STAR exemption. In future years, as long as you're eligible, you'll receive a STAR credit payment. You don't need to register again. Before you register, have this information available: ☐ names and social security numbers for all owners of the property and their spouses ☐ the name of the school district where your primary residence is located ☐ approximate date you purchased the property, and the name of the sellers ☐ the most recent school tax bill, if you received one ☐ address of any residential property owned in another state ☐ if the property is owned in trust, the legal name of the trust ☐ federal or state income tax returns for all owners (if you didn't file a income tax return, you'll be asked to provide financial information for all property owners.
Mathew Joseph is a real estate tax consultant. He can be reached at 929 393 5773 or realtorplus1@yahoo.com.
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