Home Values On Rise & NYS Revokes Property Tax Exemption

The School Tax Relief (STAR) program will no longer be accepting new applicants in the state of New York.

The program was put into place to start the 1998-1999 school year which offered tax payers a tax credit to pay their school taxes.

The New York state website states applicants would have been eligible with the following criteria:

• Owning a home in New York

• That home being their primary residence

• Combined income of the owners being $500,000 or less

This was also eligible to those 65 years and older who also had a combined income of $60,000 or less with only one of the homeowners having to be at least 65 years old.

The decision to no longer take new applicants will certainly impact first-time home buyers who are dealing with an increase in housing prices – Suffolk County average sold price is up to $747,375 which is an increase of 5.15% year over year, as of September 2023. 

New home buyers will also have to deal with an increase in demand for homes as well as the volatile mortgage interests available in the current market.

It is unclear if this will be a permanent position and closure of the STAR program for potential new applicants. We will follow the situation and keep you guys informed if there are any updates as to this tax change. 

If you are already living in your home and enjoying the STAR tax exemption, you have not to fear. Homeowners who have been enrolled in the STAR program on or before 2015 will continue receiving their exemption.

This article was provided by your local real estate specialists, The Fernandez Team at Century 21 ICON. If you’re curious what the current market value for your home is or how they can help you map out an action plan, that you can feel confident in, for your next move.

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