To Catch a Falling Star...

By: Vanessa Saunders

NY State MLS Blog Post Contributor

I keep getting inquiries regarding whether or not the BASIC STAR in New York is on its way out, and the answer is NO, but the requirements have been changed to qualify for this tax exemption.

But before we start, do you know what STAR is?

The New York State School Tax Relief Program (STAR) provides New York homeowners with partial exemptions from school property taxes. If you earn less than $500,000 and own and live in your home, you are probably eligible for the STAR exemption.

There are two parts to the 2011 STAR property tax exemption:

• Basic STAR is available for owner-occupied, primary residences where the owners' total income is less than $500,000. Basic STAR works by exempting the first $30,000 of the full value of a home from school taxes.
• Enhanced STAR provides an increased benefit for the primary residences of senior citizens (age 65 and older) with incomes that don’t exceed $79,050. For qualifying seniors, Enhanced STAR exempts the first $60,100 of the full value of their home from school taxes.

This year’s new legislation requires that taxpayers over the $500,000 income will no longer be eligible. Those declaring income over the threshold will be notified by the assessor. If you agree that you're ineligible, you don't need to do anything. However, if your income drops below the limit in the future, you will need to re-apply for the exemption.

If your household income is below $500,000 or you fall into the Enhanced Star bracket and you believe that you're eligible for the exemption, contact your assessor. If you need further clarification, I will do my best to assist, Email me and make sure you catch your STAR!

Click on this STAR for some

fun for the kids in your home!