For almost all New York State homeowners, the School Tax Relief (STAR) program reduces the amount of property tax owed. This program saves families hundreds of dollars every year. Previously, a new homeowner registered for the STAR property tax exemption when purchasing a home. After the initial application, the STAR exemption was carried forward into the future. Unfortunately for 2014, NYS STAR exemption is not automatically renewed and each resident needs to reapply or risk losing the exemption.
Do you qualify?
The exemption is available for owner-occupied, primary residences where the combined income of resident owners and their spouses is $500,000 or less.
What to do now?
New York State is requiring all STAR homeowners (senior citizens with Enhanced STAR are exempt) to reapply for the STAR credit. In the mail shortly, there will be a letter from the NYS Department of Taxation and Finance with instructions on how to apply for the STAR exemption. You can also find the information on the NYS tax website at www.tax.ny.gov or by calling the Tax department at (518) 457-2036.
Please make sure you reapply for the STAR tax exemption and pass the word around to all friends and family.