New York STAR Property Tax Relief Program
Major changes have occurred to the New York State School Tax Relief Program (STAR). Beginning with the 2019-2020 school year, New York State had lowered the maximum income level for the Basic STAR exemption from $500,000 to $250,000. Households with incomes greater than $250,000 and less than or equal to $500,000 will automatically be switched from the STAR exemption to the STAR credit. Instead of seeing STAR savings taken directly off their tax bill, these taxpayers will now receive a check in the mail for their STAR benefit.
IMPORTANT: Current STAR recipients with a household income of $250,000 or less will continue to receive the STAR exemption but have the option to switch to the STAR credit. Please be aware that those who choose to remain with the exemption will be frozen at the current exemption amounts, while those receiving the STAR Credit may see an increase of up to 2% each year. Making the decision to switch may help you take full advantage of the benefits offered by the STAR program.
If you have any questions please call the New York State Department of Taxation at 518-457-2036 or visit www.tax.ny.gov/pit/property/star/star-renunciation.htm.
Contact Nancy & David Legaz, 718-475-2800 for your real estate needs.