STAR

N.Y. Real Property Tax Law § 425 (Basic & Enhanced STAR)

N.Y. Real Property Tax Law § 425 establishes the School Tax Relief (STAR) program, providing Basic STAR for owner-occupants of 1-3 family homes, condos, or cooperative apartments whose combined income is at or below the statutory limit on their primary residence, and Enhanced STAR, a larger benefit for resident owners age 65+ meeting a lower, annually adjusted income limit. New applicants receive the benefit as a STAR credit (a check) from the NY State Department of Taxation and Finance rather than a property tax exemption; in NYC the Department of Finance administers pre-existing STAR exemptions, and for co-ops the assessor calculates per-unit STAR savings and provides the breakdown to the cooperative corporation's manager so credits are allocated to eligible resident-shareholders.