The Lake Placid School Board of Education hears a report on the new requirements for homeowners wishing to save on their school taxes..
New Legislation is requiring all homeowners receiving a basic STAR exemption to register with the New York State Tax Department in order to continue receiving the STAR exemption in 2014 and subsequent years.. Senior Citizens receiving the ENHANCED STAR exemption are not affected by the new registration requirement however in order to receive the ENHANCED STAR, Seniors do need to continue to apply annually or participate in the income verification program. What does this mean for homeowners who are eligible to receive the basic STAR exemption?
The STAR registration has already begun and will continue until December 31st, 2013.. By now, homeowners should have received instructions in the mail which will include a STAR code necessary for the registration process. Luckily, those numbers are also available online.
In order to register, homeowners will need to provide the STAR code and confirm the property’s address, Provide names and Social Security Numbers for all owners of the property and their spouses. Homeowners will also need to confirm that the property is their primary residence of one of it’s owners and confirm income under $500,000.. You also have to confirm that you have no residency based tax exemption from another state..
If you don’t register, you will not be eligible to receive the exemption on your school taxes and your taxes will increase in some cases by $300 to $500 annually..
There are 2 ways to register – online at www.tax.ny.gov or homeowners can call 518-457-2036. Homeowners must re-register over the phone, or online. The new re-registration program does not have a paper version of the application.