A POPULAR US state is handing out checks worth up to $1,500 under a program aimed at providing financial relief to Americans who meet the eligibility criteria.
Over one million individuals qualify for the payment, which takes the form of a check, direct deposit, or tax reduction.
Millions of individuals qualify for payments worth up to $1,500 under a relief program[/caption]
Millions of dollars in property tax relief is available to eligible homeowners under the STAR program.
The credit, worth between $350 and $1,500, is handed out via the School Tax Relief, or STAR, program.
The eligible types of property include:
- Houses
- Condominiums
- Cooperative apartments
- Manufactured homes
- Farm houses
The program is broken down into two categories: Basic STAR and Enhanced STAR, offering $2.2 billion in tax relief during this summer and fall.
BASIC STAR
Under the Basic STAR program, New York residents in New York City and Long Island can receive their annual benefit as either a STAR credit or STAR exemption.
Those registered for the STAR credit will receive their money as either a check or direct deposit, which can be used to pay school taxes.
The credit is available to those who own their home as their primary residence and have a combined household income of $500,000 or less.
These homeowners are eligible for a payment ranging from $350 to $600.
On the other hand, the STAR exemption is available to homeowners with a combined income of $250,000 or less as a reduction on their school tax bill.
Although new homeowners in New York are no longer eligible for the exemption, individuals who have been receiving it since 2015 can continue to receive it for the same primary residence.
Homeowners are only required to apply one time to be enrolled in the Basic STAR program.
They are eligible for the program and will automatically receive their credit or exemption until the ownership of their home changes.
The exemption amount is calculated annually, and actual tax savings may change on a yearly basis.
What is STAR?
STAR is a School Tax Relief program rolled out in New York beginning in 1998.
While the program was initially created to offer financial aid to senior homeowners, it was quickly expanded to benefit other school district taxpayers who owned residential property.
Qualified homeowners are given a partial property tax exemption thanks to the program.
The Basic and Enhanced STAR exemptions reduce the amount that homeowners in New York would otherwise owe on their property tax bills.
Most STAR recipients save several hundred dollars on their property taxes each year.
Source: RCS
ENHANCED STAR
Unlike the Basic STAR program, New York’s Enhanced STAR program has an age limit, available to seniors age 65 or older.
Residents with an income below $107,300 qualify for 2025 benefits, while a $110,750 income cap is in place to be eligible for next year’s benefits.
Every year, the income requirement changes in accordance with inflation.
The income limit is applicable to all of the owners of a home as well as an owner’s spouse if they live on the property.
These seniors are entitled to payments of around $700 to $1,500.
Available only on a homeowners’ primary residence, the Enhanced STAR payment requires a yearly application with proof of income.
Checks for school tax relief will be distributed this week to those who are eligible, according to New York Governor Kathy Hochul.
She said that some New Yorkers may have already received their payment as an exemption when they filed their taxes.
Those who meet the requirements of the STAR program will receive their payment between now and the fall.
Aside from payments under the school tax relief program, you may be eligible to receive free money under other initiatives.
For example, Americans in four cities will get another round of “guaranteed” checks worth up to $1,000 – see if you are eligible.
Meanwhile, Americans can get free cash from a $4.42 million “texting” settlement – all you have to do is submit a form before the June 30 deadline.
New York’s STAR program is handing out payments between $350 and $1,500[/caption]
Payment is available to homeowners in New York City and Long Island under the New York School Tax Relief, or STAR, program[/caption]
