New York’s Tax Relief for Homeowners
New York homeowners are set to benefit from a portion of the $2.2 billion in tax relief this summer, as announced by Governor Kathy Hochul. This initiative comes from the state’s school tax relief program.
The program offers property tax assistance to qualifying homeowners and seniors throughout the state, often called STARs. Checks will start going out next week, and the distribution will carry on over the next few months.
“With summer here, we’re kicking off the Star Tax relief season for millions of New Yorkers,” Hochul mentioned in a press release. “From tax credits to childcare support, we’re working to put more money back in the pockets of New Yorkers.”
Typically, homeowners earning under $500,000 qualify for STAR credits on their primary residences.
According to the announcement, most eligible homeowners can expect to receive between $350 and $600, while seniors who qualify for enhanced STAR benefits could see amounts ranging from $700 to $1,500. Some will already be enjoying tax exemptions, whereas others will receive their relief through tax credits via checks or direct deposits.
The tax credits will be spread across various regions, with Long Island receiving the largest allocation of $698.4 million for 582,000 recipients, followed by the Hudson Central region with $488.5 million for 404,000 people. New York City will provide $158.6 million to 483,000 recipients.
Amanda Hiller from the New York State Department of Tax and Treasury urged eligible homeowners to make use of the program. “The Star Program offers vital tax relief, and we want all eligible homeowners to benefit from it,” she noted. “If you’re a new homeowner or haven’t claimed STAR benefits at your main residence yet, visit the Tax Department’s website to learn how to sign up and start saving.”
Senate Majority Leader Andrea Stewart-Cousins expressed a contrast to federal tax policies, stating, “While Washington favors tax cuts for the wealthy at the expense of hardworking Americans, we in New York are committed to supporting the middle class.”
Assembly Speaker Carl Heastie also remarked that these relief checks empower families to “spend their hard-earned money as they see fit.”
For those living in areas with tax deadlines in July, like New York City, Buffalo, Rochester, and Syracuse, STAR benefits will be distributed from late June to mid-July. The distribution for other parts of the state will continue throughout the summer and into the fall.
The STAR benefits depend partially on local school taxes and differ by county. Homeowners will receive these benefits either as exemptions that lower their school tax bills or as credited amounts via checks or direct deposits. To find more about the STAR Program or to track deliverables, you can visit the Department of Tax STAR Resource Center.
