Tomorrow is the final day homeowners can register on the Tax Department website to ensure they do not lose their basic STAR property tax exemption.
The average homeowner saves $700 each year on their local school property tax bill because of the STAR exemption. The one-time online registration, which can be completed within minutes, will allow eligible homeowners to continue to receive the benefit in 2014 and beyond.
Homeowners are eligible for the STAR exemption if they have annual incomes of less than $500,000. The exemption is available for a homeowner’s primary residence only. This new registration is the result of a Tax Department investigation that found thousands of taxpayers receiving STAR exemptions on more than one property, according to a NYS Tax Department press release.
To register, apply online or call (518) 457-2036. Note: The town assessors cannot complete the registration of homeowners for the basic STAR exemption required by the new law.
More than 2.2 million residents have already registered online, according to the press release. The registration will “save taxpayers millions” by eliminating inappropriate exemptions that have been issued to homeowners with multiple properties, the press release said.
Senior citizens receiving the Enhanced STAR exemption are not impacted by the new requirement.
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