We’ve heard about the stimulus package and a potential national tax rebate, but how about a little help closer to home. Here’s a deadline you’ll want to know about. Do you own your own home in the Hamptons? Is it your primary residence? If you’re looking for a potential tax reduction, the deadline for applying for the STAR program is March 1, 2008. STAR stands for the New York State School Tax Relief Program, which was instituted in 1997.
You may be eligible for the Basic STAR program, which is a reduction of the school portion of your tax bill if you own improved residential property which is your primary residence. There is no age or income requirement to qualify for the basic STAR. There is also the Enhanced STAR program for citizens over 65 who earn less than $70,650 in annual household income.
But wait – there’s more. You may also qualify for tax exemptions if you are a veteran, person with disabilities or limited income, volunteer firefighter or ambulance worker in Suffolk County, or clergy. You may also qualify if you have a “newly constructed home purchased by a first-time home buyer,” or have made capital improvements to residential property.
To find out more information you can go to www.orps.state.ny.us or contact your local assessor. Forms are available at the Southampton Town website and for East Hampton Town you can contact the Assessor’s Office at 631-324-4187.
Our real estate columnist Heather Buchanan lives in Sag Harbor. Email her with comments and tips and see more of her writing at HamptonsHeather.com
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