All residents who currently are receiving the star program need to re-register by Dec. 31st to continue getting the savings.
Apparently there has been “widespread abuse” with people claiming STAR exemptions on multiple properties, or commercial and income properties, and second homes.
You should be getting a letter in the mail explaining this and detailing how you can go about re-registering on-line. According to the Department of Taxation and Finance, you will only have to re-register once. (Isn’t that an oxymoron? re-register once?) and then you will be good to go again.
For those of you who aren’t familiar with STAR. It is a tax exemption available for anyone in NYS on their primary residence who make less than 500K a year. There is also an enhanced STAR for vets and seniors.
The exemption is on your school tax. The amount of the exclusion varies, but here in Sullivan County it deducts 30K from you assessed value–average savings is around $600 a year.
So just keep this in mind, and make sure you re-register, even if the letter does not come. I’m sure the tax department is counting on at least a few people not getting this news, or forgetting to register again. State wide I bet it will be a few million dollars.