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The value of the STAR credit savings may increase by as much as 2% each year, while the value of the STAR exemption savings will not. The STAR exemption savings can never be greater than the STAR credit savings. For more information, see STAR credit and exemption savings amounts.
Each of the owners of the property must be 65 years of age or over, unless the owners are: husband and wife, or. siblings (having at least one common parent) and. one of the owners is at least 65.
Income is federal adjusted gross income minus the taxable amount of total distributions from annuities or individual retirement accounts (commonly known as IRAs). Income documents will be required to establish your eligibility for this program. For 2023 benefits: $93,200 or less. For 2024 benefits: $98,700 or less.
After the tentative assessment roll has been filed, property owners who wish to give up their STAR exemptions without switching to the STAR credit must renounce their exemption using Form RP-496, Application to Renounce Previously Granted Exemption(s). The same procedure applies for exemptions granted in prior years.
You dont need to register again in future years unless there is a change in the ownership of your home. After you register for the STAR credit, each year well automatically review your application to determine whether youre eligible for the Basic or Enhanced STAR credit.
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Download the Property Tax Exemption Removal Form. Call 311 or 212-NEW-YORK (212-639-9675) to request a copy. You can get help with questions about removing an exemption benefit. Call 311 or 212-NEW-YORK (212-639-9675) for help.
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.
You dont need to register again in future years unless there is a change in the ownership of your home. After you register for the STAR credit, each year well automatically review your application to determine whether youre eligible for the Basic or Enhanced STAR credit.

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