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how long does it take for the STAR discount to be applied to your tax bill/mortgage when u buy a house? would it have to wait until the next year?
It depends on your application cut-off date. In the Town of Huntington, the last day to apply is March 1st. It will then be reflected in next year's tax bill (2009/2010). The amount depends on your school district.
It depends on your application cut-off date. In the Town of Huntington, the last day to apply is March 1st. It will then be reflected in next year's tax bill (2009/2010). The amount depends on your school district.
so if the cutoff is march 1, and i file b4 that, it wouldnt start affecting my payments until next year right?
I'm not 100% on this....
When you purchase a home from someone, you pay their taxes for the remainder of the tax year. If they had STAR, then you will be paying the refunded tax rate until at least the end of that initial tax period. Then as long as you get your STAR application submitted between your purchase date and your town's cutoff date, then you should be set for the next tax period.
So basically, if the sellers had STAR, and you get the application in before the cutoff, then you should have the refund right from the start with no lapse.
I'm not 100% on this....
When you purchase a home from someone, you pay their taxes for the remainder of the tax year. If they had STAR, then you will be paying the refunded tax rate until at least the end of that initial tax period. Then as long as you get your STAR application submitted between your purchase date and your town's cutoff date, then you should be set for the next tax period.
So basically, if the sellers had STAR, and you get the application in before the cutoff, then you should have the refund right from the start with no lapse.
Timing is everything LOL
Also, it depends on how "on top" your town is.
Example: in the Town of Huntington, if you close before the cut-off date, and the owner had a mortgage which included the tax payments, (and you apply immediately) you MIGHT get away with it. The lender will only pay the 1st half in January; the 2nd half is due in May.
Soooo... if the town is on top of things, they COULD charge you the full amount for the second half; the following year you'd be all set.
On the other hand, if the seller pays the taxes directly, and the seller pays the entire tax bill in January, then you'd reimburse the seller for the prepaid taxes (which increases your closing costs!), quickly file for the following year and voila, you never pay the full tax...
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