WPCNR THE FEINER REPORT. By Town of Greenburgh Supervisior Paul Feiner. January 21, 2010: Governor Paterson has responded to the NYS budget crisis with some major cutbacks. Among the cuts that will impact your school tax bill is the continuing erosion/gradual elimination of STAR. Homeowners could be experiencing a decrease in STAR assistance from the state by 18% if the budget is approved, as presented. Even if school taxes do not increase (which is unlikely because schools may receive less financial assistance from the state) – property owners will see a bigger school tax bill because they will not be receiving STAR benefits. (Editor's Note: This was first reported by WPCNR yesterday, outlining the tax impact on the median-priced home in White Plains.)
The Governor’s proposal must be approved by both the NYS Senate and State Assembly. NYS is experiencing significant budget problems. If STAR is restored – other cuts will have to be made to offset the STAR cutbacks. If you have any comments about the Governor’s proposed budget you should reach out to your State Legislators.
THIS IS A CAPTION FROM THE GOVERNOR’S PROPOSED BUDGET BILL
STAR Exemption Changes
Eliminates the Star exemption for homes valued at $1.5 million or more. Market value determined by dividing the total assessed value of the parcel by the residential assessment ration (impacts both the Basic and Enhanced STAR exemptions).
The STAR floor is changed from 89 percent to 82 percent. The maximum amount that a STaR exemption for a municipality can drop from one year to the next will now be 18 percent.
