If you are eligible for the Enhanced STAR property tax credit in New York and haven’t yet applied for it, you need to hurry up as the deadline is just a few days away. The deadline to apply for the New York Enhanced STAR credit is March 1. Specifically, the deadline is for seniors to upgrade to the Enhanced STAR Property Tax Exemption.
New York Enhanced STAR credit: how to apply
According to the New York State Department of Taxation and Finance, the deadline for most localities to apply for property tax savings through the New York Enhanced STAR credit program is March 1.
It is important that applicants verify the exact deadline with their local assessor. Homeowners who are enrolled in the STAR program receive the benefit either as a credit or exemption on their school property tax bill.
Seniors who receive the Basic STAR exemption (or credit) and turn 65 this year, as well as meet all the requirements, need to apply to their assessor for the Enhanced STAR exemption. Seniors need to provide the following forms to the assessor to apply for the program:
- Form RP-425-IVP (Supplement to Form RP-425-E)
- Form RP-425-E (Application for Enhanced STAR Exemption)
Additionally, applicants need to furnish their New York State or federal income tax forms as income proof for 2022. If an applicant wasn’t required to file taxes, they need to consult the assessor regarding the proof of income.
It must be noted that seniors who receive the STAR credit (not the exemption) as a check or direct deposit don’t need to apply for the New York Enhanced STAR credit. The department will automatically upgrade them to the Enhanced program if they meet the requirements.
Who qualifies for the credit?
The following are the requirements to upgrade from the Basic STAR property tax exemption to the 2024 Enhanced STAR property tax exemption:
- Property must be the primary residence of at least one eligible owner.
- All property owners must be at least 65 years of age as of December of the year for which the exemption is sought. The exception is available if the property is owned only by a married couple or siblings. In such cases, only one co-owner needs to meet the age eligibility.
- The combined income of all owners, and the owner’s spouse living at the property must be at or below $98,700 in 2022.
Regarding the difference between the Basic STAR and Enhanced STAR, the former has an income limit of $250,000 and is based on the first $30,000 of the full value of a home (2024-2025 school year).
The Enhanced STAR, on the other hand, offers more savings to seniors with an income of $98,700 or less and is based on the first $84,000 of the full value of a home. Last year, over 560,000 seniors received more than $815 million in savings through the New York Enhanced STAR credit.
Visit the New York’s Department of Taxation and Finance website for more information on the Star credit program.
