With the beginning of the next fiscal year right around the corner, Assemblyman William Colton (D—Gravesend, Bensonhurst, Bath Beach and Dyker Heights) is reminding qualifying local property owners to make sure they are signed up for the STAR real estate tax credit or exemption, which is meant to provide relief for many homeowners by reducing school tax liability.

“The STAR tax credit is a great way for many homeowners to save money on their property tax bill for their primary residence,” said Assemblyman Colton. “If you haven’t previously applied for STAR, but think you might be eligible, based on income level, I urge you to do so. In particular, seniors who meet eligibility requirements may be entitled to the benefits of the Enhanced STAR program, which are extremely meaningful to those on a fixed income. Because the maximum income for eligibility for Enhanced STAR has been raised this year, more seniors who previously didn’t qualify will be able to claim the added tax relief, which is really important as prices have continued to rise on so many necessities.”

STAR and Enhanced STAR reduce property taxes owed by homeowners who meet the program requirements by exempting part of their home values from property tax calculations.

New York State now offers the STAR tax credit to individuals and families who own their home (house, condo or co-op) and claim it as their primary residence, as long as their maximum combined income is no more than $500,000. Residents who are over 65 years of age and have a maximum combined annual income of $107,300 may be eligible for Enhanced STAR. Income eligibility is determined based on 2024 tax return information.

Instead of receiving a tax credit, people who enrolled in STAR before 2016 may get the tax relief as an exemption on their property tax bill; beginning in 2016, enrollees get the credit as a direct deposit or a check. According to the NYS Department of Taxation and Finance, the credit may save more money than the exemption, because the credit can increase by as much as two percent a year, while the amount of the exemption is fixed. Homeowners receiving the exemption can switch to the credit, but they cannot switch back subsequently to receive the exemption on their property tax bill. For more information, or to enroll, go to https://www.tax.ny.gov/star/