While there isn’t a direct “stimulus check” program for New York homeowners in 2024, there are property tax relief programs offered by New York City and New York State that can provide significant financial benefits. This article clarifies the differences between these programs and how you can determine your eligibility and claim your rebate.
Important Note: The federal government’s Economic Impact Payments (stimulus checks) ended in 2021. This article focuses solely on property tax relief programs for New York homeowners.
New York’s School Tax Relief (STAR) Programs
New York offers two main property tax relief programs for homeowners under the School Tax Relief (STAR) Program umbrella:
- The Basic School Tax Relief Program: This program is available to all eligible homeowners in New York State, regardless of age.
- The Enhanced School Tax Relief Program: This program is specifically designed for homeowners aged 65 and older.
It’s important to understand that you cannot benefit from both programs. You’ll need to determine which program offers you the greater benefit based on your income and age.
Benefits and Eligibility for Basic STAR
- Benefit: The Basic STAR program reduces your school property taxes by providing a credit on your property tax bill. The exact amount of the credit varies depending on your income and the school district you live in.
- Eligibility: To be eligible for the Basic STAR program, you must meet the following criteria:
- You must own and occupy a primary residence in New York State.
- Your total household income must be less than $500,000 per year.
- Your property must be enrolled in the STAR program by your local municipality.
How to Apply for Basic STAR
The Basic STAR credit is typically applied automatically to your property tax bill. You don’t need to submit a separate application unless your municipality requires it. However, you can check your eligibility and enrollment status by contacting your local assessor’s office.
Benefits and Eligibility for Enhanced STAR
- Benefit: The Enhanced STAR program offers a larger tax exemption compared to the Basic STAR credit. This exemption directly reduces the taxable value of your property, resulting in a lower school property tax bill.
- Eligibility: The Enhanced STAR program has stricter eligibility requirements:
- You must be 65 years of age or older as of December 31st of the preceding year.
- At least one owner or an eligible spouse residing in the property must be 65 or older.
- Your total household income must be less than $98,700 for the 2024 program year.
- Your property must be your primary residence in New York State.
How to Apply for Enhanced STAR
You can apply for the Enhanced STAR program online through the New York State Department of Taxation and Finance website. Applying online is the quickest and easiest way to process your application. Alternatively, you can download a paper application form and mail it to the department.
STAR Exemption vs. STAR Credit: Choosing the Right Program
While the Enhanced STAR program offers a potentially larger benefit, it has a higher age restriction and lower income threshold. Here’s a simplified breakdown to help you decide which program is best for you:
- Choose the Enhanced STAR exemption if:
- You are 65 years of age or older and meet the income requirements.
- You anticipate a larger benefit from a tax exemption compared to a credit.
- Choose the Basic STAR credit if:
- You are under 65 years old but meet the income requirements.
- You prefer the automatic application process (assuming your municipality doesn’t require a separate application).
Checking Your Rebate Status
Once you’ve enrolled in the appropriate STAR program, you can check the status of your rebate by contacting your local municipality’s assessor’s office. They can provide details on the amount of your credit or exemption and the estimated timeline for receiving your rebate.
Additional Considerations
- STAR Program Deadlines: There is no deadline to apply for the STAR program, but some municipalities may have deadlines for new applications to be reflected in the current tax year. It’s best to check with your local assessor’s office for specific deadlines.
- Income Verification: The New York State Department of Taxation and Finance may request documentation to verify your income eligibility for the STAR programs. Be prepared to submit the necessary documents if requested.