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| | Thank Your Lucky STARs |
 | | STAR may be the biggest tax cut in New York history, but it is not automatic for co-op owners. |
 | | According to the Department of Finance, “The Basic STAR Exemption is available to all residential property owners, regardless of age or income, as long as they use the property as their primary residence.” The term “primary residence,” however, does not come with an ironclad definition—at least not insofar as the Department of Finance is concerned. |
 | | The city’s STAR Web site states that anyone who “misrepresents his or her primary residence, age or income may be subject to a $100 penalty, prohibited from receiving the STAR exemption for five years, forced to return up to three years of tax savings, or be subject to a criminal prosecution.” |
| directory.cooperator.com /archives/article.asp?qa_id=00000885 (2139 words) |
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