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What is the Enhanced STAR Property Tax Exemption in NYC?

What is the Enhanced STAR Property Tax Exemption in NYC? Learn More: https://www.hauseit.com/enhanced-star... Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer... Save 6% When Selling in NYC: https://www.hauseit.com/agent-assiste... We’ll demystify Enhanced STAR in the following video. I’m Nick at Hauseit. Check out our website https://www.hauseit.com to learn how to save money on commission when buying and selling real estate in New York City, Long Island and the Hudson Valley. So let’s get started! Enhanced STAR is one of several property tax exemption programs which are available to qualifying homeowners in NYC. Qualified recipients of the Enhanced STAR exemption save approximately $650 in NYC property taxes each year. Enhanced STAR is available to owners of condos, houses and co-ops who are 65+ with annual income of $90,550 or less who use the property as a primary residence. Keep in mind that this income limit does change over time, so be sure to check our blog post for the latest information. The link is below in the description. About 650,000 New Yorkers receive Enhanced STAR every year, according to the NYS Department of Taxation and Finance. Enhanced STAR is different from Basic STAR, which (in its current form) is a more widely available and non-age dependent income tax credit for owners of houses, co-ops and condos with annual income of $500,000 or less. Enhanced STAR works by reducing the assessed value of a property for the purposes of calculating school taxes. Here is an example of a property tax bill for a NYC condo which shows the Enhanced STAR benefit. To qualify for Enhanced STAR, all owners must be at least age 65 as of December 31 of the year of the exemption, except where the property is jointly owned by only a married couple or only siblings, in which case only one owner needs to meet the age requirement. Surviving spouses can retain an existing Enhanced STAR benefit if they're at least age 62 as of December 31 in the year the benefit will continue. Otherwise, they may receive the Basic STAR benefit. The annual income limit of $90,550 applies to the combined incomes of all owners (residents and non-residents), and any owner’s spouse who resides at the property. Income for STAR purposes means federal adjusted gross income minus the taxable amount of total distributions from IRAs (individual retirement accounts and individual retirement annuities). As part of legislative changes enacted in 2019, first time Enhanced STAR recipients are required to participate in the Enhanced STAR Income Verification Program. In the first year, the property tax assessor verifies eligibility based on the income information submitted by the applicant. In subsequent years, the New York State Department of Taxation and Finance automatically verifies eligibility. Once IVP enrollment is complete and a qualifying owner begins receiving the Enhanced STAR exemption, homeowners are not required to reapply each year, as the NYS Department of Taxation and Finance automatically verifies income eligibility each year. The application forms for Enhanced Star and the income Verification Program may be accessed by clicking the links below in the description. If a qualifying homeowner is also receiving the Senior Citizen Homeowners’ Exemption (SCHE), she or he must continue to renew that benefit on an annual basis. Whereas prior to the legislative change in 2019, owners who qualified for SCHE were automatically granted the Enhanced STAR exemption, that is no longer the case. Due to changes in New York State law, beginning with applications for 2019, qualifying homeowners must apply separately for the Senior Citizen Homeowners’ Exemption and the Enhanced STAR exemption. A married couple can receive only one STAR benefit regardless of how many properties they own, unless they are legally separated. Additionally, if a property is owned by an LLC, corporation or partnership, it is not eligible for the Enhanced STAR exemption. Special eligibility rules apply for nursing home residents, trusts and life estates. So there you have it! We hope you enjoyed this video, and if you did, please like, subscribe and leave us a comment. We’d greatly appreciate it. I’m Nick at Hauseit, and we’ll seen you on the next video! Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer... Save 6% When Selling in NYC: https://www.hauseit.com/agent-assiste... . . Hauseit LLC, Licensed Real Estate Broker Tel: (888) 494-8258 | https://www.hauseit.com _ #hauseit #hauseitnyc