Rental Property Investor · Syracuse, NY · Member since 2016 · 66 posts · 11 votes
Looking at a place in Syracuse New York, and when I look up the taxes, they show a discount from the STAR program. Trying to figure out how to compute the real taxes that I would be paying. The only contact info listed to ask the question is an email address which I emailed, but the government has not responded. This is what is listed in the tax info: 41856 - BAS STAR. It looks like this is a New York State program.
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
8y
@Peter Morrissey I am not sure how to calculate this, however can't you simply sign up for the STAR program if/when you purchase, so your taxes will also be at the decreased rate? When I purchased my house here in NY, we signed up for it and I believe the savings were around $800-900 a year.
Real Estate Agent · Syracuse, NY · Member since 2017 · 19 posts · 12 votes
8y
Peter- without actually calling the Syracuse city finance department it would be difficult to know exactly what the sellers star credit is. Generally they change range from 700-1000$ Hope that helps.
Rental Property Investor · Syracuse, NY · Member since 2016 · 66 posts · 11 votes
8y
Originally posted by @Account Closed:
Peter- without actually calling the Syracuse city finance department it would be difficult to know exactly what the sellers star credit is. Generally they change range from 700-1000$ Hope that helps.
That does help. Currently taxes are 3,000 and I assumed it would be about 30 or so percent. I will make a better effort to contact them on Monday. Thank you.
Manlius, NY · Member since 2017 · 13 posts · 11 votes
8y
Ahhh, STAR is difficult to calculate and it is better and more accurate to just ask the the local tax assessor. Know that you will only get a rough estimate because most school districts haven't even voted on next year's budget yet. Many wanted to prepay taxes before the new federal tax law took effect and claim it on 2017 returns. Also know, that to my knowledge, STAR can only be claimed on your primary residence.
Real Estate Agent · Syracuse, NY · Member since 2017 · 19 posts · 12 votes
8y
Peter- when Realtors enter a home into the mls they are supposed to put in the taxes without showing any exemptions. However the situation you’re looking at happens often regardless of that fact. Good job on your due diligence.
Rental Property Investor · Camillus, NY · Member since 2013 · 28 posts · 14 votes
8y
Also, make sure you even qualify for the STAR program. I used a similar tax program when I owned property in Minnesota and I was denied the Star program here because of that. As soon as I sold my Minnesota property I was able to get the STAR discount on my property here in NY.
Also, make sure you even qualify for the STAR program. I used a similar tax program when I owned property in Minnesota and I was denied the Star program here because of that. As soon as I sold my Minnesota property I was able to get the STAR discount on my property here in NY.
What is unique about this situation, at least for me, is that the duplex is owner occupied which qualifies the current owner for the exemption. I own and occupy a home in the area that is receiving the benefit. But I would not qualify for the benefit for a rental home that I would not occupy.
Did you check ongov.net? I believe they list it all out there, including how much the STAR is
Hi Pat. I did check there, but found it confusing. Here's what is says:
Code Description
Amount
Exempt%
Start Year
End Year
Vflag
Hcode
Own%
41856 - BAS STAR
$16,180
0
1999
0
Then in the tax section, it just lists the taxes. My guess is that the 16K is the amount taken off the assessed value. Still need to call them, but it would be nice if there was a way to figure it out without calling.