Albany, NY – Don’t miss out on potential property tax savings!
That’s the message from Senator Daphne Jordan (R,C,I,Ref-Halfmoon) who today reminded property owners age 65 and older who are applying, or reapplying, to receive the Enhanced STAR exemption in 2019 that they must enroll in the Income Verification Program (IVP) with their local assessor by this coming Friday, March 1, 2019, which is the deadline for most communities.
The Enhanced STAR program is specifically for homeowners age 65 and older with household incomes of $86,300 or less. The average Enhanced STAR tax break is approximately $1,400 for eligible seniors.
“When it comes to reducing the crushing burden of property taxes, every little bit helps. That’s why I’m reminding individuals turning 65 about the need to enroll with their local assessor in the Income Verification Program by March 1 so they don’t miss potential savings offered by Enhanced STAR. My office can help connect individuals in the 43rd Senate District with their local assessor’s office for more information about enrolling in the IVP,” Senator Jordan said.
As previously noted by the New York State Department of Taxation and Finance, individuals presently enrolled in the IVP do not need to take any action to continue receiving their Enhanced STAR exemption. New IVP enrollees will automatically receive the exemption each year they are eligible. State Taxation and Finance also noted that in the first year of enrollment, assessors would verify eligibility based on the income information provided by the homeowner. In subsequent years, Tax and Finance will automatically verify eligibility. As a result, homeowners will no longer need to renew the exemption or share income tax returns with their local assessor’s office.
The change applies only to seniors 65 or older applying for the Enhanced STAR exemption or those who have the exemption included in their property tax bills. The change does not affect individuals who receive a check for this exemption because their income eligibility as already verified.
ALREADY RECEIVING ENHANCED STAR, BUT HAVE NOT ENROLLED IN IVP:
Individuals already receiving the Enhanced STAR exemption but are not yet enrolled in the IVP, must renew their application for the Enhanced STAR exemption and enroll in the IVP. Individuals should submit the following forms to their local assessor:
· Form RP-425-Rnw, Renewal Application for Enhanced STAR Exemption for the 2019-2020 School Year; and
· Form RP-425-IVP, Supplement for Forms RP-425-E and RP-425-Rnw
ALREADY RECEIVING BASIC STAR, ELIGIBLE FOR ENHANCED STAR:
If an individual receives the Basic STAR exemption and is eligible for Enhanced STAR in 2019, they must apply for it and enroll in the IVP. Individuals should submit the following forms to their assessor:
· Form RP-425-E, Application for Enhanced STAR Exemption for the 2019-2020 School Year; and
· Form RP-425-IVP, Supplement to Forms RP-425-E and RP-425-Rnw
If an individual is a new homeowner or first-time STAR applicant, they need to register for the STAR credit with the Tax Department instead of applying for the exemption. Individuals can register athttps://www.tax.ny.gov/pit/property/star/default.htm.
ELIGIBLE FOR SENIOR CITIZEN’S EXEMPTION:
If an individual is also receiving the senior citizen’s exemption, they will still need to annually renew that benefit with your assessor. To renew the application, individuals should file Form RP-467-Rnw with their local assessor. In the past, seniors who qualified for the senior citizen’s exemption were automatically granted the Enhanced STAR exemption. Beginning in 2019, individuals must apply separately for both exemptions. Follow the instructions above to apply or renew the Enhanced STAR exemption.
To apply or renew the senior citizen’s exemption, individuals should file the appropriate form with their assessor:
· First-time applicants must file Form RP-467, Application for Partial Tax Exemption for Real Property of Senior Citizens; and
· Renewal applicants must file Form RP-467-Rnw, Renewal Application for Partial Tax Exemption for Real Property of Senior Citizens
Individuals should be sure to complete all forms entirely, including the Social Security numbers of all property owners and any owner’s spouse who resides at the property. Individuals must also provide proof of income.
The application deadline for Enhanced STAR is Friday, March 1, 2019, for most communities. However, in some locations the date may vary and individuals should contact their local assessor. Individuals needing assistance finding their local assessor’s contact information should call Senator Jordan’s office at (518) 455-2381.