NEW YORK- The deadline for seniors in most municipalities to apply for greater property tax savings through the Enhanced STAR property tax exemption is March 1. Basic STAR exemption recipients who turn 65 this year and meet the eligibility requirements should apply to their assessor for the enhanced exemption.
To be eligible for the enhanced exemption, the property must be the primary residence of at least one age-eligible owner and all owners of the property must be at least age 65 as of December of the year of the exemption. An exception is made when the property is jointly owned by a married couple or siblings, in which case only one owner needs to meet the age requirement.
There is also an income threshold. To be eligible, the combined incomes of all owners, including any owner’s spouse who resides at the property, must have been equal to or below $98,700 in 2022.
In 2023, 562,000 seniors received more than $815 million in savings from the Enhanced STAR property tax exemption.
