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Do homeowners who live on the property get a tax break? What is the STAR exemption?

April 26, 2017break homeowners live Property star tax

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Do homeowners who live on the property get a tax break? What is the STAR exemption?

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Basic STAR For property which is the owner’s primary residence. There are no age requirements. The combined annual income of the residing owners and spouses cannot exceed $500,000 – the NYS Dept. of Taxation will confirm income eligibility. Basic STAR reduces the Taxable Assessed Value for both City and School Taxes, but not for County Taxes. Submit the application by February 1st. Click here for more details and an application.