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There are two types of STAR benefits depending on household income:
Basic STAR is for homeowners whose total household income is $500,000 or less. The benefit is estimated to be a $293 tax reduction.
Enhanced STAR is for homeowners 65 and older whose total household income for all owners and spouses who live with them is $92,000 or less. The benefit is estimated to be a $650 tax reduction.
If you’re eligible for the STAR credit, you’ll receive a check for the amount of your STAR savings.
The senior program which is larger is capped at 58,400 in total income for a household .
many homeowners are likely higher as you said yourself , the median is under 70k not 60k
That can provide a bigger reduction but it only helps if you are below that as a household income.
Wouldn’t help us in the least
I can only refer you back to the much more significant STAR exemption savings that my parents receive each year (see post 29). They aren't 65 yet and their total household income is less than $200k. It's in the thousands for them, though you now make me question whether something else is going on as the reduction is very significant.
I can only refer you back to the much more significant STAR exemption savings that my parents receive each year. They aren't 65 yet and their total household income is less than $200k. It's in the thousands for them.
They have to be below 58,400 to get the senior reduction .
Or the star rebates are only a few hundred .
No one can say what your parents situation is but it appears it isn’t star.
We got the star rebate when I had the house , it was a few hundred
They have to be below 58,400 to get the senior reduction .
Or the star rebates are only a few hundred .
No one can say what your parents situation is but it appears it isn’t star
The website explicitly says STAR exemption when noting the reduced rate of $1,440 so I'm not sure. Regardless of what it is, my parents aren't alone in receiving the benefits that they do. Many people who are longtime homeowners and bought when homes were much cheaper and are not raking it in income wise would be out on the streets if they had to pay the assessed market property tax amount. Scores of properties throughout Crown Heights, Bed Stuy, Prospect Heights, etc., are owned by people making far less than what newcomers to the area are earning, yet they are paying significantly less in property taxes on their million dollar plus properties than the market rate would indicate.
I agree. And I'd advise newcomers wanting to retire in NYC to look elsewhere if they don't have a certain baseline in funds available to them. If you aren't locked into earlier/lower mortgage amounts, you need some serious money to make it work today.
I have Basic Star, my tax reduction is $1,000, my realtor friend in NJ couldn't believe my property taxes on a NYC suburban two family home is less than some small condos in NJ.
I have Basic Star, my tax reduction is $1,000, my friend in NJ couldn't believe my NY property taxes on a NYC suburban two family home is less than some small condos in NJ.
Yeah, I get what Mathjak is saying about the sub $300 savings as that's what the website says the average savings are, but there seems to be some other formula at play as well for many that maybe folks got grandfathered into
Yeah, I get what Mathjak is saying about the sub $300 savings as that's what the website says the average savings are, but there seems to be some other formula at play as well for many that maybe folks got grandfathered into
It could be based on valuations not brought up to date … or they may not update you until sold , who knows how they do it , but it meant little to us in any savings and that’s all that counts
Are you not aware that your money is insured against theft by the brokerage? Your money is as safe from theft or failure of a brokerage as it is from theft or failure of a bank. Cash in either a bank or a brokerage is insured up to $250k. The FDIC insures your money in a bank and the SIPC insures your money in a brokerage account.
Yes, I am aware that my account is insured by the SIPC. This is a private organization run by the consortium of brokerages though, it's not exactly like the FDIC even though their actions are similar. Call me paranoid and I am but what i fear is that with an amount like $250K they may decide, "Well, Mr. Thrillobyte, we feel that the reason your money disappeared was not due to any theft on the part of an agent or institution but to your recklessness in handling your online activities. You most likely gave your log-in info to someone you trusted and they absconded with your funds. Therefore we are not obligated to replace the funds. Thank you."
These organizations (not FDIC) don't operate much differently from private insurance co's IMO because they're fine until something happens and they are on the hook for having to pay out and then they try to find every excuse under the sun for not having to pay out. That may not be the case, but from what I've seen it's the likeliest scenario.
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