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My cousin has a rental property in NYC and after finding out that about this STAR crackdown, checked his tax statement and realized that after his bank refinanced his co-op a year ago, they never removed the STAR exemption from his escrow. He is freakin out because he does not want to pay a penalty and it seems from a Newsday article that he has to pay a penalty no greater than $2,500 for this..So how does he go about removing STAR ? He lives a few blocks away from the co-op and he plans to sell the unit sometime next year..He is really upset about this and I can't blame him.
My cousin has a rental property in NYC and after finding out that about this STAR crackdown, checked his tax statement and realized that after his bank refinanced his co-op a year ago, they never removed the STAR exemption from his escrow. He is freakin out because he does not want to pay a penalty and it seems from a Newsday article that he has to pay a penalty no greater than $2,500 for this..So how does he go about removing STAR ? He lives a few blocks away from the co-op and he plans to sell the unit sometime next year..He is really upset about this and I can't blame him.
He should notify his local taxing authority (Tax Assessor) - best in writing IMHO.
Last edited by Elke Mariotti; 03-28-2013 at 02:48 PM..
New York is requiring all homeowners to re-register for STAR. The STAR exemption will come off his Co-op next year. I believe the $2500 fine is only for new applicants trying to defraud the system.
Just tell him not to re-file for the STAR program and he will be fine. They are looking for new frauds starting next April.
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