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I bought a home end of April 2015 and finally had a chance to submit the STAR exemption application to Nassau County. I was told that the exemption won't take effect until two Octobers/two years from now. Why is this? During the home buying process I asked many questions about taxes and everyone made it seem like lowering the taxes would be an immediate thing.
The application needed to be in by 1/2/15 to count for this year. I would submit ASAP and I would assume you would be good to go for for next year - but you probably would not see any impact until your mortgage company does their escrow review (mine is done in October but I am not sure if this is true for everyone). Then, you will get an adjustment for the following year's bill.
I bought a home end of April 2015 and finally had a chance to submit the STAR exemption application to Nassau County. I was told that the exemption won't take effect until two Octobers/two years from now. Why is this? During the home buying process I asked many questions about taxes and everyone made it seem like lowering the taxes would be an immediate thing.
Any help is greatly appreciated.
First you have to own the home to submit a Star Applications. Deadline was Jan 2, 2015 to see a reduction in the 10-1-2015 school tax bill.
You can file now but it wont take effect till the 10-1-2016 school tax bill.
If your bank escrows most likely you wont see reduction till a few months after when bank adjusts escrow balance.
If house already had a star exemption you will still be paying less taxes till that one expires. The prior owner if he had a star you will pay at lower rate till 9/30/2015.
Star is only like a $750 to $1,500 break depending on town you live in. If you miss it one year not the end of the world.
You can check online for assessment and property history to know whether the previous owner submitted STAR for the property. In addition, the Jan 2015 was a soft deadline and there was an extended deadlines for submission. You should call them and submit online if they are still accepting.
My lawyer gave me the printed form to submit on the day of closing and explained to me the benefit of the program. If I was you guys, I would be more concern on the competence of the people you hired to help you with the purchase.
Also do you have a tax grievance open on house. Did prior owner grieve taxes by the March 1st 2015 deadline if Nassau county?
If not you only need to be in contract to grieve taxes not actually own the house. Did you grieve the property taxes by the 3-1-2015 deadline?
If not you should do that next year.
I think Suffolk deadline to grieve is today.
The previous owner did grieve the taxes, and I was told that I was good to go with that.
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