Residents of New York State are about to receive a pleasant surprise in their mailboxes. The state will be sending out checks averaging $1,407 to eligible homeowners registered under the BASIC STAR or Enhanced STAR programs.
This initiative is designed to help offset a portion of their school tax bills. Let’s dive into the details of this program and how you can ensure you receive your check.
New York State Residents
For the Enhanced STAR program, the income limit for 2024 is set at $98,700, which will increase to $107,300 in 2025. This increase is excellent news for eligible homeowners, ensuring that more residents can benefit from this tax relief in the coming months.
Check Distribution
The process of sending out these checks will begin in the summer, with the majority being issued before September 11. This timeline is crucial for residents to note, as it indicates when they can expect to see this financial relief.
Registration
If you’ve registered since owning your home, you will automatically receive the credit/check. However, if you have not yet registered, it’s vital to enroll in the program either online or by phone to ensure you receive your STAR check for 2024.
Basic vs. Enhanced STAR
Basic STAR
The Basic STAR exemption is available to homeowners with incomes below $250,000, regardless of age. This makes it widely accessible to many residents.
Enhanced STAR
In contrast, the Enhanced STAR exemption is designed to provide greater benefits to seniors who meet specific income and eligibility standards. Here are the key criteria for the Enhanced STAR check:
- Own your home and use it as your primary residence.
- Be 65 years or older before December 31, 2024. For jointly owned properties, only one spouse or sibling must meet the age requirement.
- Have an income of $93,200 or less, considering the combined income of all owners and resident spouses.
Income Eligibility
To determine your income eligibility, refer to your 2023 state or federal tax return. You will need to check the Federal Form 1040, specifically line 11, minus the taxable amount of IRA distributions on line 4B, and the New York State Form IT-201.
This detailed check ensures that you meet the income requirements for the Enhanced STAR program.
Additional Information
For more details and specific criteria, visiting the New York State website is highly recommended. This resource will provide comprehensive information and answer any additional questions you might have.
Additionally, some residents may already have STAR benefits automatically deducted from their tax bill, offering immediate relief without the need for further action.
New York State’s initiative to send out STAR checks averaging $1,407 is a significant financial boost for eligible homeowners.
By understanding the income limits, registration process, and differences between the Basic and Enhanced STAR programs, residents can ensure they receive this valuable tax relief.
Whether you are newly registering or confirming your existing enrollment, taking these steps will help you benefit from this program.
FAQs
Who qualifies for the Basic STAR check?
Homeowners with incomes below $250,000.
How much is the average Enhanced STAR check?
The average check is $1,407.
When will the STAR checks be issued?
Checks will be processed starting in the summer, with most issued by September 11.
What is the income limit for Enhanced STAR in 2024?
The limit is $98,700, increasing to $107,300 in 2025.
How do I check my income eligibility?
Refer to your 2023 tax return, Federal Form 1040 line 11, and New York State Form IT-201.
