New York City Residents Eligible for Tax Refund through STAR Program
New York City residents are being reminded of the opportunity to claim a tax refund through the city’s school tax discount program, known as STAR. The deadline for requesting the refund is quickly approaching, with the final day to apply being Sunday, the 31st of this month.
The STAR program is comprised of two variants, Basic and Enhanced. The Basic program is open to all homeowners and school property owners who have an annual income of less than $250,000. The average tax reduction for participants in this program is $778.
The Enhanced program is designed for older adults, with an age requirement of 65 years or older. For New Yorkers who have shared properties, the age restriction applies to at least one of the owners. Additionally, the annual remunerations of members and spouses of the Enhanced program cannot exceed $98,700. The average reimbursement figure for the Enhanced STAR plan is $1,407.
Residents have the option to switch from the Basic to the Enhanced program at any time before the start of the next year. This change will allow the tax reduction to be reflected on the invoice.
Applicants for the STAR program can request the tax refund through virtual means or by filling out a printed form, available on the “Property Tax Benefits for Property Owners” site.
It’s important to note that the property which receives the tax exemption must be the owner’s main residence, and the population entitled to the STAR program receives payment through a credit or tax exemption. It’s also worth mentioning that people with no debts can obtain these refunds.
With the deadline quickly approaching, residents are encouraged to take advantage of this opportunity and apply for the tax refund through the STAR program.