Stimulus Payment 2024 NY: What payment could eligible people get in the next days and how much will it be?
The STAR Program in New York provides valuable property tax relief to homeowners through two distinct tiers: Basic STAR and Enhanced STAR (E-STAR). These programs are designed to help reduce the burden of school district taxes, but they cater to different groups with specific criteria.
Basic STAR: Eligibility and Benefits
Basic STAR is available to all homeowners who meet certain criteria. There are no age restrictions, but applicants must live in the home as their primary residence and have a total household income of $500,000 or less.
The amount of tax relief provided through Basic STAR varies depending on location. On average, participants can expect to save around $290. However, in some areas, savings can be considerably higher. For instance, in 2023, homeowners in Albany County saved up to $1,885, and those in Suffolk County saw savings of up to $2,695. The exact relief amount is influenced by factors such as the city, school district, and the amount of school tax paid.
Enhanced STAR (E-STAR): Eligibility and Benefits
Enhanced STAR (E-STAR) is tailored specifically for senior homeowners. To qualify for E-STAR, the homeowner, their spouse, or a sibling must be at least 65 years old by the end of the calendar year. Additionally, the home must be their primary residence.
Applicants must already be enrolled in the STAR exemption program, and their total household income for 2024 cannot exceed $98,700. For E-STAR, the tax relief averages around $650. Similar to Basic STAR, the actual amount can vary significantly depending on location.
For homeowners who became eligible before 2015, the STAR benefit is applied as a reduction on the annual school tax bill. For those who qualified after 2015, the benefit is issued as a check or direct deposit.
Verification and Application
Homeowners should confirm their enrollment status and how they receive their benefits by checking the New York State tax website or contacting their local tax authority. This ensures they are receiving the appropriate tax relief and can take full advantage of the program’s benefits.
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