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You sure that is STAR and not a property tax relief check from the state? People been getting the two confused.
i called Albany and got a good explanation. Only new homeowners will receive a STAR check. All homeowners will receive property freeze check if their school district stayed within the two percent cap.
New homeowners will not see the STAR exemption on their tax bills (older homeowners have been seeing the exemption on their bills for years) . They pay the full amount in advance and get the refund end of year. This way Albany keeps their exemption for a year. I believe the new homeowners may have to claim the credit on their taxes as well .
Definition of new homeowner : purchased home after 8/1/15 or
purchased home between 5/1/14 and 8/1/15 and did not apply for STAR, or
purchased home between 5/1/14 and 8/1/15 after the 2015 STAR exemption deadline
i called Albany and got a good explanation. Only new homeowners will receive a STAR check. All homeowners will receive property freeze check if their school district stayed within the two percent cap.
New homeowners will not see the STAR exemption on their tax bills (older homeowners have been seeing the exemption on their bills for years) . They pay the full amount in advance and get the refund end of year. This way Albany keeps their exemption for a year. I believe the new homeowners may have to claim the credit on their taxes as well .
Definition of new homeowner : purchased home after 8/1/15 or
purchased home between 5/1/14 and 8/1/15 and did not apply for STAR, or
purchased home between 5/1/14 and 8/1/15 after the 2015 STAR exemption deadline
Don't think so because it's not miscellaneous income. I believe that homeowners who receive a STAR check will need to deduct the credit from total real estate taxes paid if they itemize deductions.
Don't trust me too much though, I'm not an accountant
Question for people who purchased the home between 5/1/14 and 8/1/15, do we have to register every year? Thank you. Also, haven't received the check. Will call....
Got a tax relief check today for a decent amount. Totally unexpected. I thought they were done with checks unless it was a STAR refund?
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