Basic Star Program   

Many of my clients, be them buyers or sellers, are quite confused with the Basic Star Program changes. In case that there is still a question on what exactly is the Basic Star is, here is the explanation found in the NYS Office of Real Property Tax Services:

New York State's School Tax Relief (STAR) Program provides property tax exemptions (also known as homestead exemptions) for New York homeowners. Basic STAR is available to anyone who owns and lives in his or her own home and earns less than $500,000. Enhanced STAR is available to senior homeowners whose incomes do not exceed $79,050.

     You can find more information and frequently asked questions on this subject at http://www.orps.state.ny.us/star/index.cfm or contact your local assessor.

     I recently received an e-mail from Richard O'Donnell, a retired Tax Assessor who is happy to answer some of those questions for you.

     Rich O'Donnell is a recently retired Tax Assessor with twenty eight years experience in local government. He is a former two term president of the Westchester County Chapter of the NYS Assessor's Association and currently serves as an instructor with the Westchester Putnam Association of Realtors®, Inc. He answers the big question: 

     Is the Basic STAR Exemption changing?
 
      Yes; Beginning this year, legislation requires that taxpayers who earn more than $500,000 will no longer receive the Basic STAR exemption.
 
         For 2011, income for Basic STAR purposes is based on the 2009 tax year, and is the combined income of:
         *all owners who reside at the property, and
         *any owner's spouse who resides at the property.

         Income is defined as federal "adjusted gross income" minus the "taxable amount" of total distributions from individual retirement accounts or individual retirement annuities (both of which are commonly known as "IRA's"). For specific line references on your 2009 federal or state income tax returns, see page 2 of the STAR application.
 
         If your assessor notifies you that you're ineligible for the Basic STAR exemption:

         * If you agree that you're ineligible, you don't need to do anything. However, if your income drops below the limit in the future, you'll need to re-apply for the exemption.
         *If your household income is below $500,000 and you believe that you're eligible for the exemption, contact your assessor. The assessor may advise you to file a formal assessment grievance.

         If you receive a notice from your assessor requesting more information:

          *Provide the assessor with your 2009 federal and state income tax returns.
          *If you don't file a tax return, you'll need to provide the assessor with all of your 2009 income statements (1099 statements, W-2 forms, etc.).

         If you don't receive a notice from your assessor

         *There's no need to do anything - you'll continue to receive the Basic STAR exemption.

  For other helpful assessment information please visit my website: 
 
www.RetiredAssessor.com
 
Click to view my new television commercials:
 
TV Commercial #1 http://www.retiredassessor.com/TV_1.html
 
TV Commercial #2 http://www.retiredassessor.com/TV_2.html
 
"Who better than a retired Tax Assessor?"
 
(914)779-4444 

Thanks Richard, for the valuable information!

For all other Real Estate questions, do not hesitate to call me!

Isabel (Bela) Alves,
Associate Broker, ABR, GRI, CIPS, SFR, SRES, CDPE,  IRES
.:the bridge between buyers and sellers:.
"I'm Never Too Busy For Your Referrals"

RE/MAX Realty Center
2064 New Hackensack Rd
Poughkeepsie, NY 12603
845-462-8990 Office
845-298-3951 Voice Mail
914-474-9507 Cell Phone

New carbon monoxide detector law to take effect February 22

On February 22, 2010, "Amanda's Law" will take effect. The law requires carbon monoxide detectors in every 1-2 family property; apartments in a multiple dwelling; and all condominium and cooperative apartments where the dwelling unit has appliances, devices or systems that may emit carbon monoxide or has an attached garage.

According to the Journal of the American Medical Association, carbon monoxide poisoning is the leading cause of accidental poisoning deaths in America. Carbon monoxide detectors are available, but you need to understand how they work and what their limitations are in order to decide whether or not you need a detector and, if you purchase a detector, how to use it to get the best protection.

What is Carbon Monoxide?

Carbon monoxide is an odorless, tasteless, invisible gas. Each carbon monoxide molecule is composed of a single carbon atom bonded to a single oxygen atom. Carbon monoxide results from the incomplete combustion of fossil fuels, such as wood, kerosene, gasoline, charcoal, propane, natural gas, and oil.

Where is Carbon Monoxide Found?

Carbon monoxide is present in low levels in the air. In the home, it is formed from incomplete combustion from any flame-fueled (i.e., not electric) device, including ranges, ovens, clothes dryers, furnaces, fireplaces, grills, space heaters, vehicles, and water heaters. Furnaces and water heaters may be sources of carbon monoxide, but if they are vented properly the carbon monoxide will escape to the outside. Open flames, such as from ovens and ranges, are the most common source of carbon monoxide. Vehicles are the most common cause of carbon monoxide poisoning.

 Why is Carbon Monoxide Dangerous?

When carbon monoxide is inhaled, it passes from the lungs into the hemoglobin molecules of red blood cells. Carbon monoxide binds to hemoglobin at the same site as and preferentially to oxygen, forming carboxyhemoglobin. Carboxyhemoglobin interferes with the oxygen transport and gas exchange abilities of red blood cells. The result is that the body becomes oxygen-starved, which can result in tissue damage and death. Low levels of carbon monoxide poisoning cause symptoms similar to those of the flu or a cold, including shortness of breath on mild exertion, mild headaches, and nausea. Higher levels of poisoning lead to dizziness, mental confusion, severe headaches, nausea, and fainting on mild exertion. Ultimately, carbon monoxide poisoning can result in unconsciousness, permanent brain damage, and death. Carbon monoxide detectors are set to sound an alarm before the exposure to carbon monoxide would present a hazard to a healthy adult. Babies, children, pregnant women, people with circulatory or respiratory ailments, and the elderly are more sensitive to carbon monoxide than healthy adults.

Where Should I Place a Carbon Monoxide Detector?

Because carbon monoxide is slightly lighter than air and also because it may be found with warm, rising air, detectors should be placed on a wall about 5 feet above the floor. The detector may be placed on the ceiling. Do not place the detector right next to or over a fireplace or flame-producing appliance. Keep the detector out of the way of pets and children. Each floor needs a separate detector. If you getting a single carbon monoxide detector, place it near the sleeping area and make certain the alarm is loud enough to wake you up.

How Do Carbon Monoxide Detectors Work?

Carbon monoxide detectors trigger an alarm based on an accumulation of carbon monoxide over time. Carbon monoxide can harm you if you are exposed to high levels of carbon monoxide in a short period of time, or to lower levels of carbon monoxide over a long period of time. Carbon monoxide detectors require a continuous power supply, so if the power cuts off then the alarm becomes ineffective. Models are available that offer back-up battery power.

What Do I Do if the Alarm Sounds?

Don't ignore the alarm! It is intended to go off before you are experiencing symptoms. Silence the alarm, get all members of the household to fresh air, and ask whether anyone is experiencing any of the symptoms of carbon monoxide poisoning. If anyone is experiencing symptoms of carbon monoxide poisoning, call 911. If no one has symptoms, ventilate the building, identify and remedy the source of the carbon monoxide before returning inside, and have appliances or chimneys checked by a professional as soon as possible.

Additional Carbon Monoxide Concerns and Information

Don't automatically assume that you need or don't need a carbon monoxide detector. Also, don't assume that you are safe from carbon monoxide poisoning just because you have a detector installed. Carbon monoxide detectors are intended to protect healthy adults, so take the ages and health of family members into account when assessing the effectiveness of a detector. Also, be aware that the average life span of many carbon monoxide detectors is about 2 years. The 'test' feature on many detectors checks the functioning of the alarm and not the status of the detector. There are detectors that last longer, indicate when they need to be replaced, and have power supply backups -- you need to check to see whether a particular model has the features you require. When deciding whether or not to purchase a carbon monoxide detector, you need to consider not only the number and type of carbon monoxide sources, but also the construction of the building. Newer building may have more airtight construction and may be better insulated, which make it easier for carbon monoxide to accumulate.

Article taken form:

Carbon Monoxide Detectors

Different from Smoke Detectors

By Anne Marie Helmenstine, Ph.D., About.com Guide

FHA LOAN LIMITS - What home buyers should know

Recent federal housing legislation has given home buyers an advantage in purchasing a house by raising the Federal Housing Administration (FHA) loan limits.

What are "Loan Limints"? Loan limits are the ceiling (or the most) amount for FHA insured loans which are generally viewed by lenders and Realtors as a lower cost funding option, especially for first time home buyers.

1. Loan limits have increased to $625,000 which is twice more thatn the former limit.
2. FHA loans require as little as 3% down payment.
3. Credit scores, while important, are not as stringent for FHA loans.
4. FHA loans can be Fixed Rate or Adjustable Rate.

If you need more information e-mail me at isabel.alves@remax.net and I will put you in contact with a reputable mortgage officer who will be able to answer any of your questions in detail.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.