How does the STAR exemption affect my school tax levy?”
“The STAR exemption of $30,000 is applied to the assessed value on your home. The exemption reduces the assessed value to calculate your school tax levy for the year. The State of New York reimburses the School District for the amount of revenue “lost” from the STAR exemption. Note that the exemption is paid for by your New York States Taxes. On the Average assessed home of $164,000, the school tax paid by the home owner would be a taxable value of about $134,000. On an assessed home of $300,000 the school tax would be calculated on a value of $270,000.” The STAR exemption is a fixed amount. This exemption will not increase if the bond issue is approved. There is no “STAR credit” for any bond issue and all tax increases will show up in our tax bills.
