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Only a small percentage of the shareholders in my coop get STAR tax abatements. I'm wondering why it is so low. What are the qualifications for getting one?
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Do i have to be under/over certain age limit to fill out the Star Abatement form?
what are hidden impacts (loss/gain) if i sign up for Star Abatement. (being an owner of the co-op).
Deadline was March 15 for next year. You get a tax rebate which usually gets credited to your maintenance account. In general, it should be declared on your income taxes as income, being a reduction in taxes paid.
Various other credits are available for seniors and veterans, some tied to income levels. You can see the forms and get more info on the NYC.gov website, just search for 'star'. Info for all the credits will show up.
You need to be a resident of the apartment.
You need to declare the STAR portion, which they may wish not wish to reduce from their IRS tax return.
They are wealthy enough not to care to get money ahead of time.
They are ignorant.
Make your own reason. It does not affect the co-op as it has to pay the tax and STAR credit to residents no matter what!
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Like yourself, they are probably unaware of it. There are no qualifications that I know of... you just have to be proactive and get the form, unless your management company has provided one for you. For the STAR abatement, shareholders have to submit their own applications. It's a simple form available on nyc.gov website (google STAR abatement NYC), but you have to include a copy of your entire 1040 from last year. The deadline this year is MARCH 15! Also, you can get additional Senior Citizens, or Veterans, etc. if you qualify in those categories.
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The coop abatements are automatic, but you have to apply for STAR.
Application is available via the NYC.GOV website.
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