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December 11, 2017
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Budget

Property Tax Relief Information

The property tax relief credit directly reduces your property tax burden if you are a qualifying homeowner. If you’re eligible for the credit, the state will automatically send you a check.

To be eligible, you must:

  • live in a school district that is complying with the New York State property tax cap,
  • receive either the Basic or Enhanced STAR exemption or credit,
  • have an income of $275,000 or less, and
  • have paid school property taxes in 2017.

Beginning in 2017, if you are an eligible homeowner, the amount of the credit is a percentage of your STAR savings (homeowners with lower incomes receive a higher percentage benefit).

Basic STAR recipients

If you’re receiving Basic STAR and you’re eligible for the property tax relief credit, your credit amount will be a certain percentage (determined by your income) of your Basic STAR savings.

Percentage of Basic STAR savings according to income for 2017

  • $75,000 or less  - 28.0%
  • between $75,000 and $150,000 - 20.5%
  • between $150,000 and $200,000 - 13.0%
  • between $200,000 and $275,000 - 5.5%

 

Enhanced STAR recipients

Your credit will be 12% of your Enhanced STAR savings. Your income doesn’t impact the amount of your credit.

Credit limitations

Whether you’re receiving Basic or Enhanced STAR, the credit you receive can’t be greater than the school district taxes for your property.

Definition of income for property tax relief

For the property tax relief credit, income is defined as federal adjusted gross income (FAGI) modified so that:

  • the net amount of loss reported on Federal Schedule C, D, E or F doesn’t exceed $3,000;
  • the net amount of any other separate category of loss doesn’t exceed $3,000; and
  • the aggregate amount of all losses doesn’t exceed $15,000.

 

Phase-in schedule

The property tax credit program began in 2016, and will be fully phased in by 2019.

 

Resources (New York State Dept. of Taxation and Finance)

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