FROM: A & G TITLE AND SETTLEMENT SERVICES
TO: CLIENTS/ATTORNEYS/LENDER ATTORNEYS
SUBJECT: 2016-2017 SCHOOL TAX ESCROWS/STAR EXEMPTION
DATE: July 15, 2016
It’s that time of year again!
The changes to the STAR Exemption program have necessitated a change in our calculation for escrow amounts for the 2016-2017 School tax bills.
The NYS Department of Taxation and Finance has instituted a change in the way the STAR Exemption is credited to the homeowner – please click here to see notice. Instead of a deduction in the bill that is issued in September, a refund check is now issued to the homeowner by the NYS Department of Taxation and Finance.
Please be sure to calculate the escrow amount held by A&G Title using last year’s school tax amount without exemptions. We will continue to hold 25% above the prior year’s taxes, to accommodate for the increase in yearly tax amounts. We will also continue to charge an $85 Tax Escrow Holding Fee.
Thank you, in advance, for your assistance and attention to this matter.
Please feel free to contact our office should you have any questions, or require any further information.
HEADQUARTERS: 1122 Burden Lake Road, Averill Park, NY 12018 P 518.674.1131 F 518.674.4132
Issuing agent for Chicago Title Insurance Company and Westcor Land Title Insurance Company