What is the definition of income for the Enhanced STAR exemption?
Income is based on the applicants second prior years income tax return. For instance, for the 2007 assessment roll, income was based on the 2005 income tax return. The combined income of all of the owners and of any owner’s spouse who resides on the premises may not exceed the STAR income standard (maximum) for the applicable income tax year. Income is defined as federal “adjusted gross income” [AGI] as reported on the applicant’s federal or State income tax return, less the “taxable amount” of total distributions from individual retirement accounts or individual retirement annuities, both of which are commonly known as “IRAs”. A cost of living adjustment (COLA) is made annually to the STAR income standard; contact your assessor or call 1-888-NYSTAR5 for the current income standard.
Income is based on the applicants’ second prior year’s income tax return. For instance, on the 2008 assessment roll, income was based on the 2006 income tax return. The combined income of all of the owners and of any owner’s spouse who resides on the premises may not exceed the STAR income standard (maximum) for the applicable income tax year. Income is defined as federal “adjusted gross income” [AGI] as reported on the applicants’ federal or State income tax return, less the “taxable amount” of total distributions from individual retirement accounts or individual retirement annuities both of which are commonly known as “IRAs”. A cost of living adjustment (COLA) is made annually to the STAR income standard; contact your assessor or call 1-888-NYSTAR5 for the current income standard.
