"Are you turning 65 this year? If so, you may be eligible for the Enhanced STAR property tax exemption in New York.
The deadline to apply for the greater property tax savings is Friday, March 1, for most towns and some cities, according to the New York State Department of Taxation and Finance.
Those who receive their STAR credit as a check or direct deposit from the state instead of a STAR exemption do not need to apply or take any other action as the the state tax department will automatically upgrade you if you qualify.
Here's what you should know about the exemption and how to apply if you're eligible.
What is the Enhanced STAR exemption?
Unlike the Basic STAR exemption, which has an income limit of $250,000 and is based on the first $30,000 of the full value of a home, the Enhanced STAR exemption:
- Provides increased benefit for the primary residences of senior citizens (age 65 and older) with qualifying incomes: $98,700 or less for the 2024-2025 school year
- Is based on the first $84,000 of the full value of a home for the 2024-2025 school year.
The STAR benefit applies only to school district taxes, the Dept. of Taxation and Finance says. However, in the cities of Rochester, Syracuse, Buffalo, New York and Yonkers, the exemption is applied partly to city taxes and partly to school taxes.(All of those school districts are Big 5 SDs that have their budgets attached to the city budget:
https://www.osc.ny.gov/files/local-g...geducation.pdf (2nd paragraph)
Am I eligible?
According to the Dept. of Taxation and Finance, 562,000 New Yorkers received more than $815 million in savings from the Enhanced STAR exemption last year.
In order to upgrade from the Basic STAR property tax exemption to the 2024 Enhanced STAR property tax exemption, here's what makes you eligible:
- The property must be the primary residence of at least one age-eligible owner;
- All owners of the property must be at least age 65 as of December of the year of the exemption (in this case, 2024), except where the property is jointly owned by only a married couple or only siblings, in which case only one owner needs to meet the age requirement; and
- The combined incomes of all owners (residents and non-residents) — and any owner's spouse who resides at the property — must have been equal to or below $98,700 in 2022.
How do I apply?
Eligible New Yorkers should apply to their assessor's office by March 1, but should verify that date with their local assessor.
When applying, you must provide your assessor with two forms — Form R-425-IVP and Form RP-425-E — and proof of income through your 2022 New York State or federal income tax forms.
If you're not required to file an income tax return, the state recommends you ask your assessor for help to provide proof of income.
Source:
https://www.democratandchronicle.com...ster-nletter65
You can also go here as well:
https://www.tax.ny.gov/pit/property/star/rp-425-mbe.htm
https://www.tax.ny.gov/pit/property/star/ivp.htm
https://www.tax.ny.gov/pit/property/...ertyowners.htm
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