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star exemption for taxes on new home
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jmp1105
LIF Adolescent
Member since 12/11 553 total posts
Name:
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star exemption for taxes on new home
We are in contract on a home. Does the star exemption kick in immediately for our taxes because the current owner has the star exemption? or will we pay the full amount of taxes in the beginning and just have to apply for star on our own for it to take effect?
thanks
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Posted 5/20/14 10:35 AM  |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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star exemption for taxes on new home
i THINK that it will kick in, but you will have to apply for next year on your own. The house i purchased did not have star so I had to apply and wait a year.
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| Posted 5/20/14 12:02 PM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: star exemption for taxes on new home
STAR runs with the owners and not the property.
If the previous owners had applied for STAR and the county didn't update their records to figure out that the property changed hands, then you may get the exemption. But it's not guaranteed, and you technically shouldn't get it.
You have to apply for it once you own the house. But since there's a lag before it kicks in, it might take a year for you to see the benefit.
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| Posted 5/21/14 9:31 AM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: star exemption for taxes on new home
Posted by NYCGirl80
STAR runs with the owners and not the property.
If the previous owners had applied for STAR and the county didn't update their records to figure out that the property changed hands, then you may get the exemption. But it's not guaranteed, and you technically shouldn't get it.
You have to apply for it once you own the house. But since there's a lag before it kicks in, it might take a year for you to see the benefit.
I would submit it on your own once you close just in case, I'd rather refile than risk not getting it... that's what we did.
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| Posted 5/21/14 10:25 AM |
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jmp1105
LIF Adolescent
Member since 12/11 553 total posts
Name:
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Re: star exemption for taxes on new home
thank you! I will definitely apply for it on our own, I was just curious how it works before our application goes through.
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| Posted 5/21/14 10:57 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: star exemption for taxes on new home
Sorry, you HAVE to reapply for you to get it. But it would be for next year's taxes at this point, and you wouldn't get it this year...unless the county doesn't figure out that the property changed hands.
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| Posted 5/21/14 1:11 PM |
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