Changes to STAR Exemption for New Homeowners

 

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New York Gov. Andrew Cuomo at the Empire State Plaza Convention Center, Jan. 13, 2016, in Albany, N.Y. (AP Photo/Mike Groll)

The change will ONLY apply to homeowners that purchased a home in New York on or after March 1, 2015. First-time home buyers and homeowners who switch houses would pay their full school taxes and then get reimbursed when they file their income taxes. Currently, homeowners see the savings upfront but with this change, they will now receive a STAR rebate check in September rather than a STAR credit against their school tax bill.

The requirements and eligibility of STAR remains the same. More information on this on the Department of Taxation and Finance website.

Read more on this update here.

 

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