To: The Shareholders of Georgetown Mews
Earlier this year, a new law outlined the revised qualifications for those applying for the School Tax Relief (STAR) Credit. The Department of Finance sent letters to co-op and condo owners explaining the income restrictions. Please note, the new income limit for Basic STAR exemption is now $250,000. Owners impacted by this change were notified directly by the Department of Finance (DOF).
Their letter confirms that, as long as they are eligible, the Department of Finance will issue their STAR credit check before their 2019-2020 school taxes are due. Their STAR Credit will not be reflected on the Tax Abatement Letter issued to the co-op or condo. However, some homeowners must provide additional information before the DOF releases a check for the Basic STAR credit. These individuals will receive a letter (Form RP-425-RDM) explaining how to update their registration. After the DOF confirms their eligibility, they will issue their Basic STAR credit check.
If your income is $250,000 or less and currently receive the STAR exemption, owners can choose to register for the STAR credit to receive a check instead; they may receive a greater benefit, and their savings will never be less than the STAR exemption benefit. The value of the STAR credit savings may increase by as much as 2% each year, but the value of the STAR exemption savings cannot increase.
In the rare instance where a shareholder or an owner receives a check from the DOF and a STAR Credit from the building, they should not cash the check but rather notify the Department of Finance and Management.
The STAR credit is applied for directly by the resident. We encourage all eligible shareholders and owners to apply. Property owners without access to a computer can register by phone weekdays from 8:30 a.m. to 4:30 p.m. (518-457-2036) or register 24 hours a day, 7 days a week online at: www.tax.ny.gov/star.
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