Cute & A Great Value! Too Late…SOLD!

3 bedroom, 1 1/2 baths,  eatin kitchen w/appliances, lg 20ft long living rm, private fenced in court yard, 1 car gar w/opener.

Hard to find a home like this under $80k!
EZ access to CDGA & Thruway…What a deal and qualifies for $8000 tax credit!

Asking $76,900

Sold!  July 30 2009 for $74,000.

2009 STAR Program Update (part 2)

2009 STAR Program Update (part 2)

The base exemption amount directly tied to property tax bills will remain unchanged to ensure that direct property tax relief, which is the core purpose of the program, will be preserved.

Major Initiatives

Gap-closing actions include:

* Eliminate STAR Rebate Program. This budget returns STAR to its original form and purpose by preserving the basic exemption as well as the enhanced exemption for senior homeowners on limited incomes but eliminating the STAR rebate. Under this action, no homeowner will be denied the basic or enhanced exemption they currently receive. Moreover, total program costs would be 29 percent above 2001-02 levels, the first year that STAR was fully phased-in. (2009-10 Savings: $1.4 billion; 2010-11 Savings: $1.6 billion)

* Decrease NYC STAR Credit Amounts to Pre-Rebate Levels. Consistent with the reduction of STAR benefits to pre-rebate levels, the New York City PIT refundable credit amounts will be reduced to $125 for married/surviving spouses and $62.50 for others. These reductions return STAR to the benefit structure that existed before property tax rebates and corresponding NYC credit increases were first authorized in 2006-07. (2009-10 Savings: $112 million; 2010-11 Savings: $379 million)
* Increase the Maximum Annual Reduction for STAR Exemptions. The maximum reduction in STAR benefits that can occur as a result of changes in assessed value or market value is increased from 11 percent to 18 percent. This action, which will make exemption amounts less disparate between communities regardless of rising local real estate markets, will affect approximately 1.6 million property owners. (2009-10 Savings: $109 million; 2010-11 Savings: $109 million)
* Permanently Shift December Payment for NYC STAR to June. This action shifts payment to another date within the same New York City fiscal year, and has no impact on New York City’s financial plan. (2009-10 Savings: $20 million; 2010-11 Savings: $27 million)

I hope this summary/update can be of use for you in dealing with your clients.  If you have any questions about the STAR Program, the budget or government affairs issues in general, do not hesitate to contact me.

2009 STAR Program Update (part 1)

History/Overview

STAR was enacted in 1997 to offset rising property taxes experienced by homeowners and to provide additional targeted property tax relief to senior citizens. Over time, the scope of the program was expanded by raising the Enhanced STAR income eligibility threshold, and by increasing the size of the Enhanced STAR exemption. In addition, a local property tax rebate program was enacted in 2006-07, then restructured as the Middle Class STAR rebate program in 2007-08 to target benefits based on income.

The original STAR program consisted of four separate initiatives created to provide local property tax relief:

* Basic STAR provides savings to residential homeowners by exempting the first $30,000 of the full assessed value of their primary residence from school taxes.
* Enhanced STAR provides a more generous benefit to residential homeowners age 65 years or older with incomes below $73,000 by exempting the first $60,100 of their primary residence from school taxes.
* The STAR Rebate was an expanded property tax relief program that provided a tax rebate check directly to homeowners who also receive the STAR exemption. Rebate amounts for Basic STAR recipients were income-based.
* New York City STAR supports tax relief through the income tax for more than 3 million New York City residents. Under the program, City residents who file a personal income tax (PIT) return receive a flat refundable credit and a 6 percent City tax rate reduction.

2009-10 Budget Actions

According to the Governor’s office the STAR program, in its current configuration, has become unsustainable. After recommended savings actions, which include eliminating the Middle Class STAR rebate, STAR tax relief would total $3.25 billion in 2009-10. This is approximately the level of funding provided before the creation of the rebate program.