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r/RealEstate – ELI5 – NYS STAR Tax Credit/Exemption

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New York State has enacted several real property tax credits that affect commercial properties which warrant consideration. The 2014-2015 New York State Budget created a credit that is aimed at assisting New York State manufacturers by reducing the overall cost of their real property taxes.

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 · By JD Allen. The New York State Department of Taxation & Finance has announced changes to the Enhanced STAR exemption, which gives a tax credit to income-eligible homeowners over the age of 65.

Note: property owners with an existing STAR exemption will keep that exemption as long as they continue to own and reside at the property. If the property owner moves to a different residence, they will have to register with the New York State Department of Taxation and Finance. Seniors Exemptions Enhanced STAR for Seniors Tax Credit Program

Understanding New York’s Estate Tax "Cliff"- Revised January, 2019 It will be almost 5 years since some dramatic changes were made to New York’s gift and estate tax law. For many clients, the subject of the New York estate tax "cliff" continues to remain a source of confusion.

Senior citizens eligible for the Enhanced STAR exemption may request that the assessor send a notice to an adult third party to assist the senior citizen in fulfilling the eligibility requirements regarding that exemption. Although New York State law includes over 200 real property tax exemptions, STAR is unique in two ways.

How do I Estimate Capital Gains Taxes on Real Estate in New York? November 6, 2014 admin One of the most important aspects of owning real estate in New York is making sure you stay abreast of the rules pertaining to capital gains taxes so that you can make the type of prudent investment decisions that will maximize your long term wealth potential.

New York State School Tax Relief Exemption (STAR) Individuals can qualify for either the Basic or Enhanced STAR Exemption depending upon age and income. Individual who own property which is their primary residence with income under 4500,00 ca qualify for the Basic star exemption. However, individuals 65 years of age or older,

Millennial Money: How to share a deed without an ‘I do’ Millennial Money: How to share a deed without an ‘I do. –  · Millennial Money: How to share a deed without an ‘I do’ Updated 11:58 am EDT, Tuesday, June 4, 2019 FILE- In this Jan. 4, 2019, file photo.