Twelve local builders are slated for the 2014 Parade of Homes at The Farmstead in the Town of Clay. The Farmstead community is being developed by the Bragman Companies of Cicero, New York. The Homebuilders and Remodelers of Central New York have scheduled the Parade to begin in June 2014 starting on the Saturday following Memorial Day. Miller Homes, building quality custom homes for Central New Yorkers since 1956 will be building one of the twelve participating homes. The Parade of Homes offers unique opportunity for those buyers looking to build the home of their dreams at special pricing. Call Robert Smith, Licensed Real Estate Associate Broker with Coldwell Banker Prime Properties (315) 671-3003 today to discuss the opportunities a Miller built Parade home can offer.
The budget legislation passed by the NYS Legislature last week produced significant changes to the STAR Exemption Program, homeowners will have to register annually with the NYS Department of Taxation and Finance to receive Basic STAR (School Tax Relief ) benefits by April 1, 2014. The program, funded by NYS, will cost the state coffers $2.7 billion in the current fiscal year. The changes do not effect the current years program. Starting in 2014, homeowners with an income of less than $500,000 may reapply for the exemption on the first $30,000 of the assessed value on their primary residence.
Currently homeowners, who meet the criteria, filed an application with the local tax assessor and once the exemption was granted it automatically renewed annually, that has changed.
The changes are expected to cut down on fraud and abuse of the STAR Program. The most cited abuse ocurrs when a property owner receives STAR exemptions on both a primary residence and a second home. The Department of Taxation and Finance will also cross reference STAR applications with income tax data to ensure that the income threshold is being met. Those who owe NYS taxes maybe denied the exemption, however, that remains unclear at this time.
In Onondaga County the amount of savings per property vary by town and school district but range from approximately $350 to $900 annually per home, depending on where the property is located.
Details regarding the implementation and details of the new regulations have not been released at this time. Local tax assessors where blindsided by the program changes and most municipalities are referring questions to the NYS Department of Taxation and Finance in Albany. It is expected that the Department will send notice at least two months prior to the deadline. STAR will become the only property exemption in which local assessors have no say.
For more information visit: NYS Department of Taxation and Finance and Search STAR Program.