New York “STAR” – Tax Relief Program for Home Owners
What is “STAR”?
- “STAR” is short for New York State School TAx Relief Program. It offers owners of real estate (renters not eligible-unless they are responsible for real estate tax payments of the owner) partial exemptions from school property taxes.
Two types of STAR:
- Basic STAR: Exempts the first $30,000 of the full value of a home from school taxes.
- Enhanced STAR: Exempts the first $62,200 of the full value of a home from school taxes.
Who Is Eligible?
For Basic STAR:
- Residency: Must be the owner and it must be your primary residence
- Age: No age restriction
- Income: ≤ $500,000 Adjusted Gross Income (AGI)
- Eligible Property:
- houses, condominiums, cooperative apartments, manufactured homes, and farm houses
- mixed-use properties, including apartment buildings (but only the owner-occupied portion)
For Enhanced STAR:
- Residency: Must own your home and it must be your primary residence
- Age: ≥ 65
- Income: ≤ $79,050 Adjusted Gross Income (AGI)
- Eligible Property:
- houses, condominiums, cooperative apartments, manufactured homes, and farm houses
- mixed-use properties, including apartment buildings (but only the owner-occupied portion)
Please refer for the following website for detail on how to apply and what forms to fill out. If you need help or have questions please reach out and connect with us.
http://www.tax.ny.gov/pit/property/star/apply.htm
NOTE: As a practical consideration, most co-op and condo boards will be on top of this, but if you are a house owner, chances are you’ll have to dig this up yourself.