Stimulus Payment 2024 NY: What payment could eligible people get in the next days and how much will it be?
According to Marca, The STAR (School Tax Relief) Program in New York provides two tiers of property tax relief to help homeowners reduce their school district tax burden: Basic STAR and Enhanced STAR (E-STAR). Both programs aim to ease the financial strain of school taxes, but they cater to different groups of homeowners.
Basic STAR
Basic STAR is available to all homeowners who meet specific criteria:
- The homeowner must live in the property as their primary residence.
- There are no age restrictions.
- The total household income must be $500,000 or less.
Enhanced STAR (E-STAR)
Enhanced STAR (E-STAR) targets senior homeowners with additional benefits:
- The homeowner, their spouse, or a sibling must be at least 65 years old by the end of the calendar year.
- The home must be their primary residence.
- Applicants must already be enrolled in the STAR exemption program.
- The total household income for 2024 cannot exceed $98,700.
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Income is determined based on federal adjusted gross income (AGI), minus taxable amounts from IRAs or annuities. Documentation of income is required to verify eligibility.
Tax Relief Amounts
The amount of tax relief varies depending on the program and location. On average:
- Basic STAR participants can expect to save around $290.
- Enhanced STAR (E-STAR) beneficiaries may save approximately $650.
In certain areas, the savings can be significantly higher. For instance:
- In 2023, homeowners in Albany County saved up to $1,885.
- Those in Suffolk County saw savings as high as $2,695.
The exact amount of relief depends on factors such as the city, school district, and the amount of school tax paid.
How Relief is Applied
For those who became eligible before 2015, the STAR benefit is applied as a reduction on the annual school tax bill. For those who became eligible after 2015, the benefit is issued as a check or direct deposit.
Verification and Enrollment
Homeowners should verify their enrollment status and understand how they will receive their benefits by visiting the New York State tax website or contacting their local tax authority.
