High property taxes may financially hit a New York homeowner, but the amazing thing is STAR (School Tax Relief). This program pays off the mortgage by reducing property tax liabilities and provides eligible homeowners a yearly credit check of up to $600. But the deadline for submitting applications for the 2024 STAR stimulus approaches fast: the end date is December 31, 2024.
Eligibility and application steps for STAR stimulus
The STAR program is intended to assist New York homeowners in getting tax relief. Such applicants are required to meet the established specific criteria and furnish the necessary documents to apply. Below is a description of how to check one’s eligibility and how to apply for the said program:
Basic requirements:
- Residency: Applicants must be resident homeowners in New York.
- Income limits:
- Basic STAR: Total household income must be $500,000 or less.
- Enhanced STAR: For homeowners aged 65 or older, the income limit is $98,700 or less.
- Other Criteria: Applicants must provide information about their school district, the approximate purchase date of the property, and details about other properties owned in the U.S., if applicable.
Steps to Apply:
- Log in to your Individual Online Services account or create a new one at the New York State Department of Taxation and Finance website.
- Navigate to the “Real Property Tax” section under the ≡ Services menu.
- Select the “Homeowner Benefit Portal” and click “Register.”
- Follow the prompts to complete your registration for the STAR credit.
Applicants are required to provide documents like Social Security numbers, recent school tax bills, and income tax returns for all property owners. Those who meet the eligibility criteria and register successfully will receive a STAR credit check in the mail to offset property tax payments.
Types of STAR Benefits and Additional Opportunities for Seniors
The STAR program offers two levels of benefits based on income and age:
- Basic STAR: Homeowners with total household incomes of $500,000 or less can receive a tax reduction, with the estimated benefit averaging $293.
- Enhanced STAR: Senior homeowners (age 65 or older) earning $98,700 or less are eligible for a more substantial benefit, estimated at $650 annually.
The SCHE, or Senior Citizens Homeowners’ Exemption, will provide significant property tax relief to seniors who qualify for Enhanced STAR in addition to the STAR program.
Important Changes and Deadlines
Since 2016, STAR changed its guideline where the exemption was available solely during the transition to its credit. Past exemption applicants need not reapply, as the benefit will automatically zero out from their property taxes. At the same time, new settlers will have to apply through the New York State Department of Taxation and Finance to get their credit on the STAR program.
Homeowners in receipt of STAR during 2015 or 2016 tend to lose that benefit because their income is more than $250,000; however, the other alternative would bring back that exemption.
This program, STAR is a valuable way to help the New York resident cut back on hefty property taxes. So, apply early before the last minute, that is, by December 31, 2024, to take full advantage of the offer. For any further inquiries and applications, the official website is http://www.tax.ny.gov.
