Senator Bill Larkin (R-C, Cornwall-on-Hudson) is reminding homeowners that the deadline to apply for both the Basic and the Enhanced STAR property tax exemption is March 1, 2012.
Basic STAR is available for owner-occupied, primary residences where the owners’ total income is less than $500,000. Basic STAR works by exempting the first $30,000 of the full assessed value of a home from school taxes. Generally, homeowners only need to apply for this exemption once.
Enhanced STAR provides a larger benefit for the primary residences of homeowners age 65 and older with incomes below $79,050 in 2010. Homeowners who are currently 64 years old, but turn 65 at some point in 2012, may still be eligible. Enhanced STAR works by exempting the first $62,200 of the full assessed value of a home from school taxes. Homeowners who do not participate in the STAR Income Verification Program have to reapply for Enhanced STAR every year.
“Every little bit helps when it comes to paying school taxes,” said Senator Larkin. “So if you have never applied for STAR in the past, recently moved, or think that you may be eligible for Enhanced STAR, you should contact your local assessor immediately so that you don’t miss out on these important savings.”
“The March 1st deadline is right around the corner, so don’t delay,” Larkin added.