How To Fix: Many New York State Residents Missing Out On $3,000 From State
A simple switch could earn you a lot of extra cash from New York State.
STAR credit checks are being delivered to New York State residents.
Checks Being Delivered To New Yorkers
STAR which stands for School Tax Relief is calculated as assessed property value and taxpayer income.
"The STAR program provides eligible homeowners with relief on their school property taxes," the New York State Department of Taxation and Finance states.
There are two types of STAR exemption Basic and Enhanced.
"The Basic STAR exemption is available to all eligible homeowners with incomes below $250,000, regardless of the owners’ age. The Enhanced STAR exemption provides a larger benefit to seniors who meet the Enhanced income and eligibility standards," the New York State Department of Taxation and Finance adds.
The program recently made a change that many New Yorkers are unaware of.
In 2015, a change was made that required new homeowners to get STAR credit by rebate check instead of an automatically applied exemption. Current New York homeowners can opt into the checks or stay as an exemption, Rochester First reports.
Some Hudson Valley residents could receive close to $3,000 from the Enhanced STAR credit, according to the New York State Department of Taxation and Finance. WYRK reports the average check is around $1,500.
STAR credit amounts are updated annually. For most of New York, minus New York City and Long Island, it's updated each October.
STAR Credit And Exemption Savings Amounts In Each New York State County
To find out how much you could be eligible for CLICK on your county and then scroll to your municipality and school district:
How To Determine If You Are Enhanced STAR in New York State
To determine your income eligibility for the 2023 Enhanced STAR exemption, refer to your 2021 state or federal income tax returns, officials note.
To be eligible for the 2022 Enhanced STAR exemption, you must meet all of the following conditions:
- You own your home and it is your primary residence.
- You will be 65 or older by December 31, 2023. For jointly-owned property, only one spouse or sibling must be at least 65 by that date.
- Your income must be $93,200 or less.
CLICK HERE to fill out the STAR (School Tax Relief) exemption forms
LOOK: Highest-Rated Free Things to do in New York, According to Tripadvisor
Gallery Credit: Stacker