STAR Program Meeting 10/24/2019
The speakers were Receiver of Taxes Louis Marcoccia and Tax Assessor Richard DeBragga and here are the highlights of the meeting.
- This new part of the Star program is a NY state regulation and can change in the future.
- Basic Star exemption is available to everyone who owns a house as their principle residence who has an income under $500,000
- Enhanced Star follows the same requirements, along with an income requirement of less than $86,300 in 2019. (This changes to $88,050 in 2020.)
- Currently the Star exemption is part of one’s tax bill, listed as a credit, which reduces one's tax obligation.
- This will continue unless one opts for a change, which is to receive a check from NY state rather than the credit.
- To choose the check option, one must opt in. To continue receiving the credit, one needs to do nothing.
- If the home was purchased in 2015 or later, there is no option. Those homeowners WILL receive a check.
- The checks may take as long as a year or two to come from the state.
- The check amount may be counted as income for income tax purposes, which may have serious financial impacts for some.
- Once you opt in to receive the check, that option will continue forever.
It was the recommendation of both speakers that homeowners NOT OPT IN to receive a check.
If the home was purchased in 2015 or later, and therefore there is no option, one can use the website cancelthecheck.com to read more and sign a petition of protest.
There are now brochures on the clubhouse front table, provided by the Town, that offer more information.
