A Friendly Reminder for Maintaining STAR Exemption
In order to continue to receive a Basic STAR Exception, homeowners in New York State must register with the NYS Department of Taxation and Finance by the end of this year. Senior Citizens receiving the Enhanced STAR Exemption are not affected by this new requirement to register.
The two types of STAR Exemptions are:
- Exempts the first $30,000 of the full value of a home from school taxes.
- Is available for owner-occupied, primary residences where the resident owner and their spouse’s income is less than $500,000.
- Exempts the first $64,200 of the full value of a home from school taxes as of 2014-15 (an increase from $63,300 in 2013-14).
- Provides an increased benefit for the primary residences of senior citizens (age 65 and older) with qualifying incomes.
If you have any questions about the STAR Exemption or any other real estate issues, please feel free to contact our Real Estate Center at 716-636-7600.