Register for your STAR Exemption

  |  August 28, 2013
Photo from Flickr by 401K 2013

Photo from Flickr by 401K 2013

One of the things we hear over and over again from readers is that taxes can make or break a property. And taxes aren’t so straight forward. Assessments can change drastically, and sometimes listings estimate taxes but don’t include the full breadth of them, and new home owners get hit with a doozy of a bill.

But here’s some good news (for home owners, if not schools):  the School Tax Relief exemption, or STAR, allows primary homeowners in most corners of New York State to withhold between $30,000 and $63,300 of the value of their homes from school taxation.

Here are the eligibility requirements:

Basic STAR

  • available for owner-occupied, primary residences where the resident owners’ and their spouses income is less than $500,000
  • exempts the first $30,000 of the full value of a home from school taxes

Enhanced STAR

  • provides an increased benefit for the primary residences of senior citizens (age 65 and older) with qualifying incomes
  • exempts the first $63,300 of the full value of a home from school taxes as of 2013-14 school tax bills (up from $62,200 in 2012-13)

The catch: this year you have to register.

 

 

 

 

 

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