If you live in New York State, you’ll be pleased to hear that more money is headed your way. Qualified residents will soon be receiving an average check of $1,407 in the mail.
Now is the perfect time to ensure that you are registered for either the Enhanced STAR or BASIC STAR program for 2024. The income limits for these programs are increasing, which is significant news for many homeowners.
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The new income limits are as follows:
- Enhanced STAR income limit for 2024: $98,700
- Enhanced STAR income limit for 2025: $107,300
New York State homeowners who meet all the criteria will be receiving the STAR payment in the coming months. This check is designed to help offset some of your school tax bills. The New York State Tax Department updated the 2024 STAR credit information on its website in mid-April this year.
The average check statewide from 2023 was:
- $778 for the Basic STAR
- $1,407 for the Enhanced STAR
The processing of these checks will begin in the summer, with most being issued by September 11. Make sure to check your district to find out when you will receive your check.
Don’t miss out on this opportunity to receive financial relief. Ensure you’re registered and keep an eye out for your STAR check! If you have already registered your home, you will automatically receive the credit or check.
How to Sign Up for the STAR Check from New York State
To receive the STAR check, you must enroll in the program. You can easily sign up either online or by phone. Make sure you complete this step to ensure you get your check.
Understanding the Difference Between Basic STAR and Enhanced STAR Checks
The Basic STAR exemption is available to all eligible homeowners with incomes below $250,000, regardless of age.
The Enhanced STAR exemption, on the other hand, offers a greater benefit to seniors who meet specific income and eligibility standards. To qualify for the Enhanced STAR check, you must:
- Be 65 or older by the end of 2024
- Live in and own your home as your primary residence
Here are the full criteria to receive the Enhanced STAR check from the state:
Owning a home is not just a financial asset; it’s a place filled with memories and comfort. If your primary residence is your own home and you are approaching or have already reached the age of 65, you might be eligible for the Enhanced STAR exemption. Let’s break down the key criteria to see if you qualify.
Eligibility Requirements for the Enhanced STAR Exemption
Age Requirement
By December 31, 2024, you must be 65 years or older. If the property is jointly owned, only one of the owners, whether a spouse or sibling, needs to meet the age requirement.
Income Limit
Your combined income must be $93,200 or less. This income limit includes all owners of the property, whether they are residents or non-residents, and any spouse residing at the property. For STAR purposes, income is defined as your federal adjusted gross income minus the taxable amount of total distributions from IRAs (individual retirement accounts and individual retirement annuities).
Determining Income Eligibility
To check if you meet the income criteria for the 2024 Enhanced STAR exemption, refer to your 2023 state or federal income tax return:
- Federal Form 1040: Look at your adjusted gross income on line 11 and subtract the taxable portion of IRA distributions found on line 4B.
- New York State Form IT-201: Refer to your Resident Income Tax Return for similar calculations.
Ensuring you meet these guidelines can help you take advantage of the Enhanced STAR exemption, potentially saving you a significant amount on your property taxes. For more detailed information and additional criteria, consider visiting the official New York State website. For more information visit New York State’s website at: https://www.tax.ny.gov/pdf/ORPTS/rp-425-mbe.pdf