March 1 deadline approaches for submission of STAR exemptions
The program provides homeowners who make less than $500,000 in live in their own home with one of two types of partial exemptions from school taxes. They only apply to school taxes.
- available for owner-occupied, primary residences where the resident owners' and their spouses income is less than $500,000
- exempts the first $30,000 of the full value of a home from school taxes
- provides an increased benefit for the primary residences of senior citizens (age 65 and older) with qualifying incomes
- exempts the first $63,300 of the full value of a home from school taxes as of 2013-14 school tax bills (up from $62,200 in 2012-13)
TROY, N.Y. – The City Department of Assessment is reminding all eligible Troy homeowners that time is running out to apply for the 2013 STAR exemption.
Early in 2013, the City completed the mailing of all 2013 exemption renewals. All exemptions are due by March 1. Exemptions include Enhanced STAR, Senior Aged, and Disability with Limited income.
Residents who are under the age of 65 and currently have the Basic STAR exemption DO NOT need to reapply. However, residents under 65 who own and reside at their property but have not yet applied for Basic STAR exemption must do so prior to March 1.
City residents who will turn 65 years old during 2013 and whose household income is less than $79,050 should bring their 2011 income tax forms to the Assessor’s office in City Hall for eligibility verification. City Hall is located in the Fifth Floor of the Hedley Building, at 433 River Street.
More information about the STAR program can be found on the New York State Department of Taxation & Finance website at www.tax.ny.gov. Questions about the STAR exemption can be directed to the City of Troy Department of Assessment at (518) 279-7127.