Form RP-425-B Application for Basic Star Exemption - New York

What Is Form RP-425-B?

This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the RP-425-B Application for Basic Star Exemption?
A: The RP-425-B Application for Basic Star Exemption is a form used in New York to apply for the Basic STAR property tax exemption.

Q: What is the Basic STAR exemption?
A: The Basic STAR exemption is a property tax exemption available to eligible homeowners in New York State, which reduces the assessed value of a primary residence.

Q: Who is eligible for the Basic STAR exemption?
A: To be eligible for the Basic STAR exemption, you must own your primary residence and have an income of less than $500,000. You must also use the property as your primary residence and not own any other properties. Other eligibility criteria may apply.

Q: When is the deadline to apply for the Basic STAR exemption?
A: The deadline to apply for the Basic STAR exemption varies by locality. You should check with your local assessor's office for the specific deadline in your area.

Q: Is there an income limit for the Basic STAR exemption?
A: Yes, there is an income limit for the Basic STAR exemption. As of the 2021-2022 tax year, homeowners with an income of $500,000 or more are not eligible for the Basic STAR exemption.

Q: What documentation do I need to submit with my RP-425-B Application for Basic Star Exemption?
A: You may be required to submit documentation such as proof of ownership, proof of residency, and proof of income with your RP-425-B Application for Basic Star Exemption. Requirements may vary by locality, so it's best to check with your local assessor's office for the specific documentation needed.

Q: Can I apply for the Basic STAR exemption if I own multiple properties?
A: No, the Basic STAR exemption is only available for primary residences. If you own multiple properties, you can only receive the Basic STAR exemption for your primary residence.

Q: Can I transfer my Basic STAR exemption to a new home?
A: Yes, you can transfer your Basic STAR exemption to a new primary residence as long as you meet the eligibility criteria and submit a new application.

Q: How much does the Basic STAR exemption save on property taxes?
A: The amount of savings from the Basic STAR exemption depends on factors such as the assessed value of your property and the tax rates in your locality. The exemption typically reduces the assessed value of a property by a set amount (e.g., $30,000) for school tax purposes.