Many middle-class homeowners in New York City miss out on an annual property tax break of about $300, and time is running out to apply this year.
The New York State School Tax Relief Program (STAR) exemption gives homeowners a tax break of about $300 per year, and it’s helped thousands of New Yorkers keep homeownership within reach. In 2011, eligibility for the tax break was narrowed to people with incomes of less than $500,000.
STAR is something that middle-class homeowners should know about: It’s easy to apply for, and there’s even an “enhanced” STAR program that comes with an approximately $600 tax break. The deadline to apply for either the basic or enhanced STAR is March 15, 2016 — so hurry up.
Here’s more information from the New York City Department of Finance on how to apply.
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