NYC Co-op STAR registration (coop, credit, school)

[decembergirl23]

Hello. This is my first time owning a place in NYC and it's a co-op. I've registered for STAR for the upcoming year and I was wondering, when do you usually see it taking into effect? I heard you don't get it for the entire year meaning on your maintenance bill, you won't see a decrease every month...is that true? Please help! Thanks!

[bluedog2]

Originally Posted by decembergirl23

Hello. This is my first time owning a place in NYC and it's a co-op. I've registered for STAR for the upcoming year and I was wondering, when do you usually see it taking into effect? I heard you don't get it for the entire year meaning on your maintenance bill, you won't see a decrease every month...is that true? Please help! Thanks!

Best to ask someone on your board or in your building because different co ops have different ways of handling it.In my building the whole credit is applied once a year,in April I think, and it results in me having almost no maintenance in that month.I have heard that some buildings don't credit the individual owners at all but factor in the entire co ops combined amount into the budget.That sounds a little shifty to me.

[city living]

I think it varies. Some apply it once a year, some do not. Last year I closed on a coop 12/26 and my STAR was still applied this year.

My coop actually takes most of mine so that they never have an excuse to charge special assessments.

[BuffaloTransplant]

STAR applies to one thing: school tax.
If you pay it, you will see it on the school tax bill.
If it goes thru a mortgage, it will be taken out (usually) monthly.