Futterman, Sirotkin And Seinfeld, LLP
Futterman, Sirotkin And Seinfeld, LLP

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NYS STAR Tax Credit

On Behalf of | Oct 18, 2016 | Real Estate |

After you close on your new home you should apply for the NYS STAR tax credit with the New York State Tax Department. To be eligible to receive this Basic STAR credit, the home must be your primary residence and the total annual income of you and your spouse combined cannot exceed $500,000.00. New applicants will receive a check directly from New York State. (Previously owners received a school property tax exemption.) To apply, download an application at www.tax.ny.gov/star or call the STAR exemption office at (212) 639-7675.

There is also an enhanced STAR tax credit for owners who are at least 65 years old and whose annual income does not exceed $84,550.00 in 2016. (The annual income limit is increased to $86,000.00 in 2017.) If the owners are married or are siblings, only one of the owners must be at least 65 years old to qualify. This credit is in addition to the Basic STAR credit.