More than 1.7 million New York homeowners have registered for their Basic STAR property tax exemptions. The enrollment deadline for claiming the STAR Tax Exemption is December 31, 2013. More than 900,000 homeowners have yet to register. The Tax Department is sending multiple mailings and participating in hundreds of local events to ensure that everyone who is eligible registers and continues to receive the exemption.
Two types of STAR exemptions:
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 $64,200 of the full value of a home from school taxes as of 2014-15 school tax bills (up from $63,300 in 2013-14)Continue reading