Anyone who purchased a primary residence in New York State on or after March 2, 2015 will no longer be able to take their deed, closing statement/closing disclosure and march over to their local tax assessor to physically file and get reduction on their school taxes.
Going forward when filing your annual tax returns, you or your accountant will have to file the RP-425, (Application for School Tax Exemption) when submitting your State tax returns.
What this means is that your monthly payment (if taxes included in your mortgage payment) will not be reduced due to STAR exemption. You may see a credit refund back though so all is not lost.
Just make sure you let your accountant know and file the right form.
(This does not effect anyone who owns their primary residence and has STAR exemption in place prior to March 2, 2015!)