As of November 2024, all checks from New York State have been sent out to eligible homeowners. If you’re a homeowner in New York State and meet the necessary criteria, you’ll receive the coveted STAR check in the coming weeks. This check is designed to help alleviate some of your school tax bills.
In 2023, the average statewide amount for the Basic STAR check was $778, while the Enhanced STAR check averaged $1,407. The state has already begun distributing both Basic and Enhanced STAR checks to qualified recipients.
What do you need to receive this payment in the future?
To receive a STAR check from New York State, it is essential to enroll in the program. Without signing up, you won’t receive a check. Fortunately, registration is simple and can be done online or by phone.
- Basic STAR: This exemption is available to all eligible homeowners with incomes below $250,000, regardless of age.
- Enhanced STAR: Specifically designed for seniors with qualifying incomes, this check offers an increased benefit to those who meet the additional criteria.
To obtain the Enhanced STAR check, homeowners must ensure they fulfill the specific eligibility requirements related to income and age.
Are you a senior seeking to maximize your property tax savings? The Enhanced STAR exemption offers significant benefits to seniors who meet specific income and eligibility standards.
If you are 65 or older and own your home as your primary residence, you may qualify for this valuable exemption in 2024. Let’s delve into the essential criteria that could make you eligible for the Enhanced STAR check from the state.
Eligibility Requirements for the Enhanced STAR Exemption
To qualify for the Enhanced STAR exemption, you must meet the following criteria:
- Age Requirement: You must be 65 or older by December 31, 2024. If the property is jointly owned, only one spouse or sibling needs to be at least 65 by that date.
- Residency Requirement: You must own your home and it should be your primary residence.
- Income Limit: Your income must not exceed $93,200. This limit is based on the combined incomes of all owners, whether they reside at the property or not, including any owner’s spouse who lives there.
Understanding Income for STAR Purposes
For the purpose of qualifying for the Enhanced STAR exemption, income is defined as the federal adjusted gross income minus the taxable amount of total distributions from IRAs (individual retirement accounts and individual retirement annuities).
How to Verify Your Income Eligibility
To determine if you meet the income eligibility for the 2024 Enhanced STAR exemption, consult your 2022 state or federal income tax return. Here’s what to check:
- On Federal Form 1040, look at the adjusted gross income (line 11) and subtract the taxable portion of IRA distributions (line 4B).
- On the New York State Form IT-201, refer to the Resident Income Tax Return.
For additional information and detailed criteria, visit the New York State website.