On Thursday, Governor Kathy Hohcul praised New York's efforts to offer $2.3 billion in tax relief to over 3 million state citizens through the School Tax Relief (STAR) program.

New York State.Photo byFabien BazanegueonUnsplash

Hochul highlighted these continued efforts by stating that over 1 million additional citizens are anticipated to receive tax relief in the upcoming weeks, in addition to the more than 2 million residents who have already gotten it.

The Allotted Money

$167.3 million was allotted for the benefits, supporting about 495,000 people in New York City.

Seniors and qualified homeowners across the state can receive property tax savings under the STAR program.

Who Can Get The Benefit?

According to the website of the New York State Department of Taxation and Finance, you have to be a homeowner of one of the following to apply for the STAR credit:

dwellings, such as modular homes and farmhouses
"The owner-occupied portion" of residential complexes
cooperative apartments

Homes Under $500,000 May Be Eligible

Several variables, including the income of the beneficiary, ultimately decide the precise amount of relief. As previously mentioned, applicants' 2024 income criteria cannot surpass $500,000. According to the website, that amount "applies to the combined incomes of only the owners and owners’ spouses who reside at the property."

Homes under $500,000 may be eligible for benefits "typically worth several hundred dollars."

Meanwhile, STAR payments exceeding $1,000 could be awarded to individuals 65 years of age or older whose income is less than $98,700.