Get Form RP-425-B Application For Basic STAR Exemption For The 2024-2025 School Year Revised 7/23

You can receive the STAR credit if you own your home and it's your primary residence and the combined income of the owners and the owners' spouses is $500,000 or less. STAR exemption: a reduction on your school tax bill.

To qualify for the Basic STAR exemption, the home must be an owner-occupied primary residence, and the combined income of the owners and spouses who reside at the property cannot exceed $250,000.

2023 final STAR credit and exemption savings amounts: New York City MunicipalitySchool districtBasic STAR creditNew York CityNew York City$284.33New York CityNew York City$284.59New York CityNew York City$284.25 Nov 6, 2023

The STAR savings amount is the lesser of: The STAR exemption amount multiplied by the school tax rate (excluding any library levy portion) divided by 1000; or. The Maximum STAR exemption savings.

your qualified gross income is $250,000 or less, you owned and primarily resided for six months or more of the tax year in real property that received the STAR exemption or that qualified you for the STAR credit, any rent you received from nonresidential use of your residence was 20% or less of the rental income, and.

Due to a change in NY State law, starting in the 2019-2020 tax year, owners with a total household income that is more than $250,000 but less than or equal to $500,000 are no longer eligible to receive the STAR exemption but must instead register for the STAR credit with NY State.

Basic STAR is for homeowners whose total household income is $500,000 or less. The benefit is estimated to be a $293 tax reduction. Enhanced STAR is for homeowners 65 and older whose total household income for all owners and residents spouses is $93,200 or less. The benefit is estimated to be a $650 tax reduction.

Eligibility Requirements All owners of the property must be 65 or older, unless the owners are spouses or siblings. If you own the property with a spouse or sibling, only one of you must meet this age requirement.