Quote:
Originally Posted by ny16
We are a couple making $144K/year, moving in with our child and mom and dad to a new home in a town in North Hempstead. They are over 60 and will be retiring soon.
Can we get the senior citizen tax exemption and or enhanced STAR exemption on our property taxes since they reside in our house? Their only source of income will be social security benefits. No other retirement or pension plan.
Or do they need to be put on the deed in order to qualify. And what would be the costs/ pros cons of having them on the deed?
But will owning a home affect their SS payments?
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With a household income of no more than $500,000, you will qualify for Basic STAR.
And therein lies the key: HOUSEHOLD income is the determining factor for eligibility for (Basic and) Enhanced STAR. Currently, the max is $83,300/yr for Enhanced STAR - well below your income
without your parents' Social Security income, so putting them on the deed with you (which would open a whole other can of worms) becomes a moot point.