Some of you may know about the New York State School Tax Relief Program, more commonly known as the STAR Program. Much like homestead exemptions in other states, this program aims to reduce school district property taxes on the primary residences in New York. The program is meant to lower the tax burden on school district residents.
There
are two forms of the STAR Program: Basic STAR and Enhanced STAR. The basic
program is for the New York residents whose primary residence is in the state;
it exempts $30,000 from the true value of the property.
The
enhanced program is for senior citizens, 65 years of age and older and not have
an annual income about $60,000; it exempts an annual amount which varies.
The
state makes up the difference so that the overall revenue of the given school
district is not affected.
The
STAR rebate is subtracted from the ‘true value’ of the home. The value is
determined by your last property assessment divided by an equalization rate,
which is the ratio of assessed value to market value for each taxing
jurisdiction.
With
recent legislation, all those benefitting from the Basic STAR must register
with the New York State Tax Department in order to receive the 2014 exemptions.
Homeowners will not have to re-register ever year.
Registration
started on August 19, 2013 and will continue through December
31, 2013.
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