Timeline after closing
- Day 0 — Closing day — Seller’s STAR, Senior, Veteran, and any other owner-specific exemptions drop off the roll. Your assessment is now “naked.”
- Days 1-30 — Register for STAR at tax.ny.gov/star. File for Veterans exemption if eligible (Form RP-458-a). Check eligibility for Senior, Volunteer Firefighter, Disability.
- Month 2-3 — Notify mortgage lender of new exemption status to recalculate escrow.
- First January-March — Nassau owners: file annual grievance with ARC (deadline March 31).
- First May — Suffolk owners: file annual grievance with Town BAR (deadline third Tuesday of May).
- First fall (October-December) — Receive STAR credit check or see exemption reduce your school tax bill.
- First full year — First full property tax bill issued, reflecting your own (not seller’s) exemptions.
Three real scenarios
Scenario A: 35-year-old buyer, no military service
You’re eligible only for Basic STAR. You’ll see a ~$300-$700/yr reduction once registered. Expect first-year bill ≈ seller’s bill + $400-$1,200 (lost STAR/Senior/Vet of seller, gained partial Basic STAR for you). After 12-18 months you stabilize at seller’s bill + ~$200-$500.
Scenario B: 70-year-old retiree buyer, income $80,000
You qualify for Enhanced STAR + Senior Citizens exemption (income tier varies by town). Combined savings: $1,500-$5,000/yr depending on home value and town. After registration cycle (typically by next March), your bill stabilizes well below the seller’s.
Scenario C: Veteran buyer, combat service, no disability rating
Eligible for STAR + Alternative Veterans (15% + 10% = 25% reduction in assessed value). Stack with STAR for combined savings of $2,000-$4,000+/yr depending on town’s veteran exemption maximums. File Form RP-458-a immediately with your assessor.
Frequently asked questions
When is my first property tax bill due?
Depends on your closing date and county. Nassau bills run on a January-July first half, July-January second half schedule. Suffolk bills run on a December-May first half, May-November second half. If you close mid-cycle, you’ll typically pay a prorated portion at closing.
Does the lender adjust my escrow automatically?
Eventually. Most servicers do an annual escrow analysis. If your bill changes significantly (because exemptions dropped off), you may end up with a shortage at year-end. Most lenders let you make up the shortage over 12 months or pay a lump sum. Use our PITI calculator to model the new monthly payment before your servicer recalculates.
Can the assessor reassess my home after I buy?
In theory yes, in practice rarely. Nassau reassesses every property every year regardless of sale. Suffolk towns typically reassess on a multi-year cycle. Sale price is one input but not the only one — and most LI towns explicitly do not equate purchase price with assessment.
What if I find out the seller had exemptions I didn’t know about?
Look at the seller’s tax bill (in the closing paperwork). Each exemption line shows the dollar reduction. Compare to your projected bill on our buyer calculator. If you’re missing an exemption you qualify for (Veteran, Senior, etc.), apply with your assessor.
Estimate your exact property tax bill
Enter any Long Island address to see the median bill for the district, your projected bill if you bought today, and how exemptions roll off after a sale.
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Sources and citations
- NY Tax & Finance — STAR resource center tax.ny.gov
- NY Tax & Finance — Alternative veterans exemption tax.ny.gov
- NY Tax & Finance — Senior citizens exemption tax.ny.gov
Last verified May 11, 2026. Tax rules change; we re-check every page each quarter.
Educational content and estimates only, not legal, tax or financial advice. Verify with your county or town receiver, an attorney or a CPA before making financial decisions.