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STAR question

Posted By Message
sasha96

Does anyone know if the basic STAR deduction a homeowner has on their house is carried over to the buyers (it stays decreased) until the next application period? So, we as buyers would keep the sellers basic STAR deduction on the house and would reapply when the time comes in order to keep it. Or do we loose it, have to pay the higher taxes, and only see the decrease after we are approved?

 
Posted 5/11/05 3:46 PM
Kelly9904

I believe you will lose it!
If you buy in 2005 you may (I dont know for sure) pay hte reduced tax until the end of the year. But then in 2006 you will pay the higher tax and if you are approved for the Star it would take effect in 2007.

I do know that the star is non transferrable.

 
Posted 5/11/05 4:35 PM
-Lisa-

we didn't lose it, but we sent in an application a few months after buying

 
Posted 5/11/05 4:37 PM