Please explain the STAR program...

I wrote a paper for it in my School Business Administrator class. I can explain it....Here is an excerpt from my paper.

STAR is Governor George E. Pataki's School Tax Relief Program that provides a limited exemption from school property taxes. All New Yorkers who own and live in their home, condo, apartment, manufactured home, or farmland are qualified for a STAR exemption on their primary residence.
There are two parts to the STAR program. The Basic STAR exemption is offered for owner-occupied, primary residences regardless of the owners’ ages or incomes. Basic STAR works by exempting the first $30,000 of the full value of a home from school taxes. I know on my home we save over $1,400.00 a year through the STAR exemption.
The Enhanced STAR exemption is available for the primary residences of senior citizens (65 and older) with yearly household incomes not exceeding the statewide standard. For qualifying senior citizens, the Enhanced STAR program works by exempting the first $50,000 of the full value of their home from school property taxes. For property owned by a husband and wife, or by siblings, only one of them must be at least 65 years of age as of December 31 of the year in which the exemption will begin to qualify for the Enhanced exemption.
In 1997, Governor Pataki proposed and fought for the STAR program. The program was phased-in over four years beginning in 1998 and has saved taxpayers $17.9 billion cumulatively through State Fiscal Year 2005-06. In 2005-06, STAR will provide more than 630,000 seniors an average property tax savings of $1,084. Nearly 2.7 million other homeowners will receive STAR benefits, saving an average of approximately $685 this year. Yet, while Pataki and state legislators call it a 'tax cut,' STAR is actually a tax shift - from homeowners to state income tax filers, and to those property owners who are not eligible for the program.

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Posted by deirdre730

I wrote a paper for it in my School Business Administrator class. I can explain it....Here is an excerpt from my paper.

STAR is Governor George E. Pataki's School Tax Relief Program that provides a limited exemption from school property taxes. All New Yorkers who own and live in their home, condo, apartment, manufactured home, or farmland are qualified for a STAR exemption on their primary residence.
There are two parts to the STAR program. The Basic STAR exemption is offered for owner-occupied, primary residences regardless of the owners’ ages or incomes. Basic STAR works by exempting the first $30,000 of the full value of a home from school taxes. I know on my home we save over $1,400.00 a year through the STAR exemption.
The Enhanced STAR exemption is available for the primary residences of senior citizens (65 and older) with yearly household incomes not exceeding the statewide standard. For qualifying senior citizens, the Enhanced STAR program works by exempting the first $50,000 of the full value of their home from school property taxes. For property owned by a husband and wife, or by siblings, only one of them must be at least 65 years of age as of December 31 of the year in which the exemption will begin to qualify for the Enhanced exemption.
In 1997, Governor Pataki proposed and fought for the STAR program. The program was phased-in over four years beginning in 1998 and has saved taxpayers $17.9 billion cumulatively through State Fiscal Year 2005-06. In 2005-06, STAR will provide more than 630,000 seniors an average property tax savings of $1,084. Nearly 2.7 million other homeowners will receive STAR benefits, saving an average of approximately $685 this year. Yet, while Pataki and state legislators call it a 'tax cut,' STAR is actually a tax shift - from homeowners to state income tax filers, and to those property owners who are not eligible for the program.

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wow! thanks for the info, i never knew the background, even though I've owned my place for a while now. very thorough!

That is awesome - thank you SO much. Everyone's been telling us that we'll need to apply for it, but I never knew 'exactly' what is was before. Thanks!

Just keep in mind that all the deadlines for the 2008 fiscal year was March 1.

So, if you apply now, just keep in mind that your taxes will not have STAR reflected on them until your Dec 2008 tax bill comes for 2009.