What is STAR tax exemption?
**The School Tax Relief (STAR) exemption is a program that provides New York State homeowners with a partial exemption on their school property taxes.**
1. Who is eligible for the STAR tax exemption?
Homeowners in New York State who own and live in their primary residence are eligible for the STAR tax exemption.
2. How much money can homeowners save with the STAR tax exemption?
The amount of savings varies depending on the homeowner’s income and the location of their primary residence. On average, homeowners can save several hundred dollars per year.
3. Can I apply for both the Basic STAR and Enhanced STAR exemptions?
No, homeowners can only receive one of the two STAR exemptions. The Basic STAR exemption is for homeowners with incomes under a certain threshold, while the Enhanced STAR exemption is for homeowners over a certain age with incomes below another threshold.
4. How do I apply for the STAR tax exemption?
Homeowners can apply for the STAR tax exemption through their local assessor’s office. They will need to provide proof of residency and meet the eligibility requirements.
5. Can I transfer my STAR tax exemption to a new home if I move?
No, the STAR tax exemption is tied to the property, not the homeowner. If you move to a new home, you will need to reapply for the exemption at your new residence.
6. Are condominiums and cooperative apartments eligible for the STAR tax exemption?
Yes, homeowners in condominiums and cooperative apartments are eligible for the STAR tax exemption as long as they meet the eligibility criteria.
7. Can landlords or tenants receive the STAR tax exemption?
No, the STAR tax exemption is only available to homeowners who own and live in their primary residence.
8. Will my STAR tax exemption automatically renew each year?
Once you are approved for the STAR tax exemption, it will automatically renew each year unless there are changes to your eligibility status.
9. What happens if I no longer qualify for the STAR tax exemption?
If you no longer meet the eligibility requirements for the STAR tax exemption, you will need to notify your local assessor’s office and your exemption will be removed.
10. Can I receive the STAR tax exemption if I have a reverse mortgage on my home?
Homeowners with reverse mortgages can still qualify for the STAR tax exemption as long as they meet all other eligibility criteria.
11. Can homeowners with disabilities receive the STAR tax exemption?
Yes, homeowners with disabilities can qualify for the STAR tax exemption as long as they meet the eligibility requirements set by the state.
12. Is the STAR tax exemption the same as the STAR credit program?
No, the STAR tax exemption provides a direct reduction on a homeowner’s property tax bill, while the STAR credit program provides a check that homeowners receive as a credit on their income tax return.