Albany (WALK) - Have you filed for your STAR school tax exemption? Don't forget to apply before the December 31st deadline, because it could save you $700 a year.
New York has had the STAR program for a number of years now but the state is requiring homeownerst to re-register this year after tax officials found that thousands of people with multiple properties were receiving more than one exemption. STAR is only supposed to apply to your primary residence, and married couples with more than one home can only claim one STAR exemption.
There are other restrictions for receiving a STAR exemption, which saves the average homeowner about $700 a year. The combined annual income of the owners and their spouses who reside at the property can't exceed $500,000 and no resident owner can receive a residency-based tax benefit from another state.
According to Governor Andrew Cuomo, more than a million New Yorkers have applied for STAR school tax exemptions in the past six weeks.
Homeowners can register for the STAR exemption online by clicking here or call (518) 457-2036.
The registration deadline is December 31, 2013.
Photo: NYS Department of Taxation and Finance website