Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello everyone... I'm interested in purchasing a 2bdrm co-op in Hewlett & have a question regarding the star rebate that I would be eligible for.
The seller's currently receive a star rebate of $112 for their school taxes each month. This is deducted off their maintenance bill monthly.... By me purchasing the co-op, do I automatically receive the same rebate? Keep in mind, the sellers do not receive the enhanced star program....I am not a senior citizen or make over $250k/yr.
Are there any other factors involved which would determine whether or not my rebate would be more/less?
When you apply for the rebate, what is it based on (basically will I get the same credit as the sellers?) and how long do you have to wait to receive the credit? Is it 1 year??
Also, does STAR apply to everyone, or just seniors and those individuals who don't have kids in the public school system?
When you apply for the rebate, what is it based on (basically will I get the same credit as the sellers?) and how long do you have to wait to receive the credit? Is it 1 year??
Also, does STAR apply to everyone, or just seniors and those individuals who don't have kids in the public school system?
Here's an overview with FAQs from the NYS website.
If you bought a new residence, you need to file by March 1st to be eligible for the following tax year's STAR exemption. Amounts vary by School District.
Hello everyone... I'm interested in purchasing a 2bdrm co-op in Hewlett & have a question regarding the star rebate that I would be eligible for.
The seller's currently receive a star rebate of $112 for their school taxes each month. This is deducted off their maintenance bill monthly.... By me purchasing the co-op, do I automatically receive the same rebate? Keep in mind, the sellers do not receive the enhanced star program....I am not a senior citizen or make over $250k/yr.
Are there any other factors involved which would determine whether or not my rebate would be more/less?
Your STAR rebate is based on the value of the property and the school taxes it generates. Your STAR rebate reduces your assessment by $30,000 against the assessed valuation: If the valuation for the house is $300,000, the STAR takes $30,000 off and you pay taxes on $270,000.... if the house is worth $100,000, STA reduces it by $30,000 to $70,000 for tax purposes.
If you just bought the place, chances are it will be reassessed. If your assessment is higher, you will still get a STAR of $30,000 but on a higher assessment, you pay higher taxes. If the assessment went down, you will get more.
BTW: the STAR as described is not "paid" to you. It is simply reduced school taxes. The STAR rebates ( which is a check to you ) stopped a few years back.
Your STAR rebate is based on the value of the property and the school taxes it generates. Your STAR rebate reduces your assessment by $30,000 against the assessed valuation: If the valuation for the house is $300,000, the STAR takes $30,000 off and you pay taxes on $270,000.... if the house is worth $100,000, STA reduces it by $30,000 to $70,000 for tax purposes.
If you just bought the place, chances are it will be reassessed. If your assessment is higher, you will still get a STAR of $30,000 but on a higher assessment, you pay higher taxes. If the assessment went down, you will get more.
BTW: the STAR as described is not "paid" to you. It is simply reduced school taxes. The STAR rebates ( which is a check to you ) stopped a few years back.
The use of the word "rebate" might be confusing to the OP.
As of this moment, there are no houses assessed for less than $30,000 , so that every homeowner is eligible for the full STAR reduction on their primary residence, (regardless of whether it's assessed at $300,000 market value or $900,000 market value) if the household income does not exceed $500,000. The amount of the STAR reduction is based on the School District.
Also, on Long Island, it is NOT customary for a house to be reassessed just because it changed hands. If improvements are made after the purchase which require a permit, that could be different - depending on the type and scope of the improvement.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
, so that every homeowner is eligible for the full STAR reduction on their primary residence, (regardless of whether it's assessed at $300,000 market value or $900,000 market value) if the household income does not exceed $500,000. The amount of the STAR reduction is based on the School District.
