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ALERT: Enhanced STAR Exemption has changed for NYS residents age 65 and over, deadline March 1st, 2019

Effective this year, you must file for your senior citizens and Enhanced STAR exemptions separately. Therefore, you are no longer automatically enrolled in the Enhanced STAR exemption if enrolled in the senior citizens exemption.

In 2019, the NYS Department of Taxation and Finance made a change for property owners age 65 and over who previously received the senior citizens exemption and the Enhanced STAR exemption. Effective this year, you must file for your senior citizens and Enhanced STAR exemptions separately. Therefore, you are no longer automatically enrolled in the Enhanced STAR exemption if enrolled in the senior citizens exemption. The deadline to enroll in the Enhanced STAR program is March 1st, 2019.

If you are applying to receive the Enhanced STAR exemption for the first time, you must enroll in the Income Verification Program (IVP) first with your local assessor’s office by filing several forms.  Once enrolled in the IVP, you will be able to file for the Enhanced STAR exemption and will automatically renew every year thereafter but you will have to verify your income annually.  If you are already in the IVP program, no further action is required for the Enhanced STAR exemption. You will continue to receive it. 

We understand this new tax law development will impact many of our clients and future clients. The NYS Department of Taxation and Finance published a pamphlet which outlines what was discussed in the article and has details on the forms that need to be submitted. For convenience, we have included a link to the pamphlet for you: 

     https://www.tax.ny.gov/pdf/ORPTS/new-ivp-requirements-pamphlet.pdf

We at Hippo Tax Services are committed to staying as up to date as possible as new guidance is published and will do our best to keep you informed of any significant developments.

Please check with your tax advisor, your Curran Wealth relationship manager, or contact Curran Wealth Management if you have any questions. 518.391.4200 info@curranllc.com

The material contained in this article is for educational and informational purposes only.  The information herein is considered to be obtained from reference sources deemed reliable, but no representation or warranty is made as to its accuracy or completeness.  The contents of this article are based on the tax laws existing at the time of publication.  Tax laws are subject to continual change.  In addition, tax laws vary by state.  This article is not, and should not be regarded as tax advice.  The information contained in this article may not apply to your personal circumstances.  Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation.  If you would like a detailed analysis of your tax situation, with specific tax recommendations, you can discuss the possibility of pursuing a formal relationship with Hippo Tax Services.