Hello, good morning, afternoon, and evening to all the internet users out there. I wanted to provide some further explanation on something I mentioned in my last video. In that video, I discussed the top six things you should ask your Realtor about when considering a property. One of the things I quickly mentioned was the star exemption on taxes. Now, many people may not be familiar with what the star exemption is, which is why I created this channel - to educate you on things you may not know. The star exemption is available to everyone who owns a primary home. It is a tax break specifically related to school taxes. The amount of the exemption varies depending on the size of your taxes and the area you live in. In Dutchess County, you can expect anywhere from $800 to $1,000 to be deducted from your school taxes. In Westchester, where taxes are generally higher, the exemption could be as much as $1,800 or $2,000. It's important to note that the star exemption applies only to your primary home. If you already own a house and are purchasing a second one for rental purposes, you will not receive the star exemption on the second property. However, you will still be eligible for the exemption on your primary home. I hope this clarifies what a star exemption is and how it can benefit you. If you have any further questions or need assistance, feel free to connect with me on Facebook or contact me via phone. I welcome any feedback or suggestions for future videos as well. Thank you for watching and have a great day.
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Enhanced star exemption for seniors Form: What You Should Know
New York State School Tax Relief Program (STAR) — NYC.gov You may apply for the Basic STAR or Enhanced STAR tax exemption with the NYC Department of Finance if: You own property in the STAR program prior to January 2, 2015, and received a STAR payment in 2015-16 but exceed the maximum allowable amount by (a) a 15,300 limit of payments (in order to maintain a senior citizen exemption), or (b) 15,300 limits of payments if you are a qualifying senior citizen. New York State School Tax Relief Program (STAR) — NYC.gov You may apply for the Basic STAR or Enhanced STAR tax exemption with the NYC Department of Finance if: You live in a STAR district of New York or you qualify as a qualifying senior citizen in a STAR program in the City. New York State School Tax Relief Program (STAR) — NYC.gov You may apply for the Basic Star or Enhanced STAR tax exemption with the NYC Department of Finance if you (a) own a home with a STAR property tax exemption in a STAR district of the City, New York City, the Brooklyn Borough of Manhattan, New York State, or the Nassau County/Kings County school districts; and (b) you (i) meet any qualifying income requirements for exemption or (ii) are a senior citizen. New York State School Tax Relief Program (STAR) — NYC.gov You may apply for the Basic STAR or Enhanced STAR tax exemption with the NYC Department of Finance if: There are 4 individuals or two families or a single household receiving a STAR payment or a 15,300 maximum limits of payments; You are a qualifying senior citizen in the tax system and live in a STAR district; In the most recent five-year period, you received a minimum of ONE-STAR payment; AND You have met, to the satisfaction of the NYC Department of Finance, the financial and residency requirements established in these brochures. New York State School Tax Relief Program (STAR) — NYC.
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