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How does the STAR program work? I received the middle class STAR rebate check, but I've read on another thread that this is in addition to the STAR program "deduction"/"reduction"? How do I know if my taxes were reduced?
My mortgage payments haven't changted.
Even if your taxes are paid via a mortgage, your Town is still supposed to send you a "Statement of Taxes" every year.
Somewhere on your Statement of Taxes, issued by your Town, there should be an entry saying "True Tax" or something similar. This amount is what your property taxes are before the STAR deduction is applied.
Somewhere else on your Statement of Taxes there should be another entry saying "Exemption Codes & Values" (or similar wording). The entry should say "STAR-Basic" or whatever kind of STAR you qualify for.
My Statement of Taxes includes a line at the bottom saying "Your tax savings this year resulting from the STAR program is $1012.19", which is the difference between my "True Tax" and my "Total Tax Due" for the 2007 year. This is pretty much average from what I've seen and heard, for Suffolk anyway.
If you didn't receive, or can't locate, your Statement of Taxes, you can get a copy of it from your Town Assessor's Office if you live in Suffolk (if you're in Nassau I think this is handled by the County rather than the individual Towns).
Even if your taxes are paid via a mortgage, your Town is still supposed to send you a "Statement of Taxes" every year.
Somewhere on your Statement of Taxes, issued by your Town, there should be an entry saying "True Tax" or something similar. This amount is what your property taxes are before the STAR deduction is applied.
Somewhere else on your Statement of Taxes there should be another entry saying "Exemption Codes & Values" (or similar wording). The entry should say "STAR-Basic" or whatever kind of STAR you qualify for.
My Statement of Taxes includes a line at the bottom saying "Your tax savings this year resulting from the STAR program is $1012.19", which is the difference between my "True Tax" and my "Total Tax Due" for the 2007 year. This is pretty much average from what I've seen and heard, for Suffolk anyway.
If you didn't receive, or can't locate, your Statement of Taxes, you can get a copy of it from your Town Assessor's Office if you live in Suffolk (if you're in Nassau I think this is handled by the County rather than the individual Towns).
Thank you very much. That was helpful. I located my statement of taxes and found the tax savings for the year, but how is this "savings" reflected?
What I mean is, my mortgage payment is the same, so I don't know where the savings goes?
Thank you very much. That was helpful. I located my statement of taxes and found the tax savings for the year, but how is this "savings" reflected?
What I mean is, my mortgage payment is the same, so I don't know where the savings goes?
If your taxes are $6K before star savings, and your star savings totals $1K, the Tax Assessor's bill will be for $5K. In other words, the money is deducted and then you (or your escrow account) is billed. It's like a clipless coupon at the grocery as opposed to a rebate.
As your taxes increase, your STAR savings will adjust. If your taxes increase significantly, you will see your mortgage payment increase at the end of your mortgage year, assuming that your taxes are paid through an escrow account.
When my new mortgage year letter is received, I have an option to pay the difference (increase) up front or have it roll into the mortgage payments. Whenever possible, I opt to pay it up front to keep my mortgage payment the same. I also prepay into my escrow and toward my principal every month.
Last edited by OhBeeHave; 11-04-2007 at 09:24 PM..
Reason: spelling error
How does the STAR program work? I received the middle class STAR rebate check, but I've read on another thread that this is in addition to the STAR program "deduction"/"reduction"? How do I know if my taxes were reduced?
My mortgage payments haven't changted.
How Does the Star program works?
i'm in the process of purchasing a home and the taxes are almost 12,000.00 in Hempstead how will the star program help me and when do i apply for it
How Does the Star program works?
i'm in the process of purchasing a home and the taxes are almost 12,000.00 in Hempstead how will the star program help me and when do i apply for it
Once you close on the home, you must provide a copy of the deed, along with a STAR application, to the town. You may apply any time during the year (with a deadline of January 4) to be eligible for the following year. So if you close this year, apply right away (no later than 1/4/11) and you will see these savings on next years bill (later in 2011).
You can go to www.mynassauproperty.com to get the application. For TOH you may also call 516-571-1500.
In many cases, if the current homeowner receives STAR (believe it or not, some homeowners have never applied for it) that amount may continue to be reflected on your property taxes, until the town catches up with change in ownership. This is when we are happy the town runs the way it does!
As long as this home is your primary residence, you will receive the STAR reduction (which is on the school tax portion of your taxes).
Hope this helps....and congratulations!!!!
My apologies, the deadline in TOH is in Jan., where I live it's in March.
Nassau County is January, Suffolk is March...
go figure
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