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The April 2018 Skinny (based on April 2018 statistics)

Empire State housing market posts highest November sales total since 2009

Closed home sales in New York State jumped 7.1 percent in November 2015 compared to last November, reaching the highest total for the month in six years, according the latest New York State Association of REALTORS housing report. Key housing market measures including median sales price and pending sales also grew in November. Year-to-date statewide sales were 7.8-percent ahead of the first 11 months of 2014. Get the full report here.

New state laws take effect on January 1

Effective January 1, 2016, it will be unlawful for any person to engage, advertise or hold themselves out as a mold assessor, remediation contractor or abatement worker unless they have a valid mold license issued by the New York State Department of Labor (DOL). REALTORS must be aware that any mold assessor or remediation specialist you refer to customers, clients, sellers or purchasers must be licensed with New York State. This requirement is the same as those applying to licensed home inspector referrals. The state DOL website has a wealth of information available. The New York State Senate also recently highlighted several new laws that will: prohibit discrimination against domestic violence victims in housing; ensure equal pay; reduce the business income tax rate; provide property tax relief for eligible veterans; and expand health care access through telehealth services. More information can be found here.

Changes to the NY Star Exemption

  • NYS approved transitioning the current STAR exemption to a personal income tax credit for anyone who did not have a STAR exemption on their 2015 school tax bill.

    What this means for current and prospective homeowners:

    • If you owned your home prior to 3/2/15 and were already receiving STAR, there is no impact on your school tax bills.

    • Anyone buying a home after 3/2/15 will now apply for a personal income tax credit on their NYS Income Tax return when they file. The tax credit should be an equivalent savings to what they would have saved on their school tax bill.

Do You Know About The STAR Registration Program?

New legislation requires all homeowners receiving a Basic STAR exemption to register with the New York State Tax Department in order to receive the exemption in 2015 and subsequent years.

For more information visit: The Department of Taxation & Finance website


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