Around $2,000 Checks Coming to New York Residents: Are You Eligible for STAR Relief?
As the new school year kicks off, many residents of New York State can look forward to a welcome financial benefit: property tax relief through the School Tax Relief (STAR) program.
This initiative is designed to help homeowners save on their school taxes, providing a much-needed boost to household budgets during a time when expenses often rise.
What is the School Tax Relief (STAR) Program?
The STAR program offers property tax relief to eligible homeowners in New York State. The relief comes in the form of a check or direct deposit, which can be used to offset school taxes.
The New York State Department of Taxation and Finance explains, “If you are registered for the STAR credit, the Tax Department will issue your STAR benefit via check or direct deposit. You can receive the STAR credit if you own your home, it’s your primary residence, and the combined income of the owners and their spouses is $500,000 or less.”
How Does STAR Work?
The STAR benefit is calculated each year based on the assessed value of the property and the homeowners’ income. It helps eligible homeowners reduce their school property taxes, which is a significant financial relief for many.
There are two types of STAR benefits:
- Basic STAR: Available to homeowners with a combined income of $500,000 or less.
- Enhanced STAR: Targeted at senior citizens with incomes below a certain threshold.
The Enhanced STAR income limit is $98,700 for 2024. In 2025, it will increase to $107,300, allowing more seniors to qualify for greater benefits.
When Are STAR Benefits Delivered?
STAR benefits are typically issued from August to December, with the majority of payments made in September. In recent years, millions of New Yorkers have benefited from this program. In 2022 alone, 2.26 million residents received Basic STAR benefits, while 670,000 received Enhanced STAR benefits.
How Much Can You Receive?
The amount you receive from STAR depends on your school district and whether you qualify for the Basic or Enhanced program. Payments can vary significantly based on your location. For example, in 2023, some homeowners in the Albany area received up to $1,885, while residents of Long Island saw checks as high as $2,695.
STAR Credit and Exemption Savings by County
To see how much you could receive, you can check the specific savings amounts by your county, municipality, and school district. This information helps homeowners understand what they can expect from the STAR program based on where they live.
Conclusion
The STAR program is a crucial financial tool for many New York State residents. It helps them manage their school property taxes and reduces the burden on their budgets.
Whether you qualify for Basic or Enhanced STAR, the relief provided can make a significant difference, especially during the expensive back-to-school season. For more details on how much you might receive, be sure to check your eligibility based on your location and income.