Are you looking to reduce your property taxes in New York? The School Tax Relief (STAR) Credit program offers a fantastic opportunity to save money on your property taxes. This program, especially beneficial for homeowners seeking to lessen their tax burden, is a key component in New York State's efforts to make homeownership more affordable. Let's explore how you can leverage the STAR Credit to reduce property taxes and why Ownwell is your ideal partner in this process.
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How the STAR Credit Helps You Save on Property Taxes
The STAR Credit program is designed to provide direct financial relief to eligible homeowners. Here’s how it effectively reduces your property tax burden:
Direct STAR Benefit: Check or Direct Deposit
When you register for the STAR Credit, the New York State Tax Department issues your STAR benefit either through a check or via direct deposit. This flexible approach ensures that you receive your benefit in the most convenient way possible.
Use Your STAR Benefit to Pay School Taxes
The real beauty of the STAR Credit lies in its practical application. You can use your STAR benefit directly to pay your school taxes, effectively reducing your overall property tax bill. This direct application of benefits simplifies the process, making it an efficient way to save money.
Ongoing Tax Relief
The STAR Credit provides a recurring benefit. Each year, you'll receive this assistance, leading to sustained savings on your property taxes over time. This ongoing support is crucial for homeowners looking for long-term financial relief.
Why Choose the STAR Credit for Property Tax Relief?
The transition from the now-discontinued STAR Exemption to the STAR Credit has opened new doors for homeowners to save money on property taxes. Here’s why the STAR Credit is an attractive option:
Greater Tax Savings
The STAR Credit often results in greater savings compared to the older STAR Exemption. This shift means more money stays in your pocket, reducing the financial strain of property taxes.
Broad Eligibility
With a generous income limit of $500,000 for combined household income, the STAR Credit is accessible to many homeowners. This inclusivity ensures that more New Yorkers can benefit and save money on property taxes.
The Retroactive Refund Opportunity
The STAR Credit program also offers the possibility of retroactive refunds for eligible homeowners. This feature adds to the program's appeal, as it provides an opportunity to recoup some of the school taxes paid in previous years.
Trust Beneficiary Eligibility
If you're a beneficiary of a trust that owns your home, the STAR Credit extends its benefits to you, ensuring that more people can reduce their property taxes.
Why Partner with Ownwell for Your STAR Credit Application
Navigating tax relief programs can be complex, but Ownwell makes it simple. In just 5 minutes, you can sign up with Ownwell and start the journey towards reducing your property taxes.
The Advantages of Using Ownwell
- Expert Assistance: Ownwell’s expertise ensures your application is handled efficiently, maximizing your potential savings.
- Time Efficiency: Ownwell’s streamlined process saves you time, eliminating the need to navigate complex tax laws on your own.
- Peace of Mind: Knowing that your application is in the hands of professionals provides reassurance and confidence.
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STAR Credit vs. STAR Exemption: What's the Difference?
The STAR Exemption was a popular option until its discontinuation in 2015. However, current property owners who are still under the STAR Exemption can switch to the STAR Credit at any time. The choice between continuing with the STAR Exemption or switching to the STAR Credit is an important decision that homeowners need to make.
Deadlines and Details
The deadline to switch from a STAR Exemption to a STAR Credit vary by county. For example, in Nassau County, the deadline is two weeks prior to April 1st, and in Suffolk County, it's two weeks prior to July 1st. These deadlines are critical to ensure a smooth transition.
Conclusion
Reducing your property taxes in New York is more achievable than ever with the STAR Credit program. With the help of Ownwell, applying for this program becomes a quick and easy process, offering significant savings on your property taxes. By choosing to switch to or apply for the STAR Credit, you're taking a smart step towards financial relief and making the most of the benefits available to New York homeowners.
