If you’re a New York State resident, exciting news is on the horizon! Eligible homeowners can soon expect to receive an average check of $1,407 through the STAR (School Tax Relief) program. The program aims to ease the burden of school taxes by providing financial assistance.
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STAR Program
Now is the perfect time to ensure you’re registered for the Enhanced STAR or Basic STAR program for 2024. Notably, the income limits for these programs are increasing, which is significant news for many homeowners.
Income Limits
Here are the new income limits for the Enhanced STAR program:
- 2024: $98,700
- 2025: $107,300
Homeowners meeting these criteria will receive the STAR payment in the coming months, designed to offset school tax bills. The New York State Tax Department updated the 2024 STAR credit information on its website in mid-April this year.
Average Checks
In 2023, the average checks were:
| Year | Basic STAR | Enhanced STAR |
|---|---|---|
| 2023 | $778 | $1,407 |
Processing of these checks will start in the summer, with most issued by September 11. Check your district for the specific timing of your check.
Ensure Eligibility
Don’t miss this financial relief opportunity! Make sure you’re registered and keep an eye out for your STAR check. If you’ve already registered your home, you’ll automatically receive the credit or check.
How to Sign Up
To receive the STAR check, you must enroll in the program. You can easily sign up either online or by phone. Completing this step ensures you get your check.
Basic vs. Enhanced STAR
Knowing the difference between Basic STAR and Enhanced STAR is crucial. The Basic STAR exemption is available to all eligible homeowners with incomes below $250,000, regardless of age.
The Enhanced STAR exemption offers greater benefits to seniors meeting specific income and eligibility standards. To qualify for the Enhanced STAR check, you must:
- Be 65 or older by the end of 2024
- Live in and own your home as your primary residence
Enhanced STAR Criteria
By December 31, 2024, you must be 65 years or older. If the property is jointly owned, only one owner needs to meet the age requirement.
Income Limit
Your combined income must be $93,200 or less. This income limit includes all property owners, whether residents or non-residents, and any spouse residing at the property. For STAR purposes, income is defined as your federal adjusted gross income minus the taxable amount of total distributions from IRAs (individual retirement accounts and individual retirement annuities).
Determining Income Eligibility
To check if you meet the income criteria for the 2024 Enhanced STAR exemption, refer to your 2023 state or federal income tax return:
- Federal Form 1040: Look at your adjusted gross income on line 11 and subtract the taxable portion of IRA distributions found on line 4B.
- New York State Form IT-201: Refer to your Resident Income Tax Return for similar calculations.
Ensuring you meet these guidelines can help you take advantage of the Enhanced STAR exemption, potentially saving you a significant amount on your property taxes. For more detailed information and additional criteria, consider visiting the official New York State website.
Stay on top of these changes, register for the STAR program, and look forward to some financial relief soon.
FAQs
How do I register for the STAR program?
You can register online or by phone through the New York State Tax Department.
When will the STAR checks be issued?
Most checks will be issued by September 11.
What is the income limit for Enhanced STAR in 2024?
The income limit for 2024 is $98,700.
Who is eligible for Basic STAR?
Homeowners with incomes below $250,000 are eligible for Basic STAR.
Do I need to re-register each year for STAR?
No, if you’ve already registered, you’ll automatically receive the check or credit.