Markets 
Check your mailboxes because you may be in line for some big bucks.
New York Governor Kathy Hochul announced that nearly three million residents will score some much-needed relief this summer.
New York’s School Tax Relief program — also known as STAR — provides property tax breaks to eligible homeowners and seniors statewide on their primary residence. The $2 billion program is aimed at reducing school property taxes.
Most Gothamites with an income lower than $500,000 will see cash between $350 to $600. Seniors will see higher checks as many with incomes below $110,750 can expect anywhere between $700 to $1,500.
Some STAR recipients will pocket theirs in the form of a tax exemption this year, others will snag a tax credit that will be sent via check in the mail this summer and fall.
“The start of summer is also the start of STAR tax relief season for millions of New Yorkers,” Governor Hochul said. “From tax credits and energy rebates to our expanded child tax credit and middle class tax cuts, we’re continuing to put more money back in New Yorkers’ pockets.”
Fear not, all eligible homeowners who registered for the STAR program will get checks before the deadline for their school taxes. Parts of the state — including New York City, Buffalo, Rochester and Syracuse — have school tax due dates in late June and July..
There are two ways to claim your cash. If you’re registered for the credit, the Tax Department will issue your benefit via check or direct deposit — and can use it to pay your school taxes.
You can also receive the credit if you own your home and it’s the primary residence, meeting the income levels mentioned above.
To secure your STAR credit by direct deposit this year, enroll as soon as possible. The governor urges sign ups at least 15 business days before their local school tax due date.
Starting July 7, New Yorkers can get a bit of extra help if needed as the Tax Department is holding regional STAR Seminars. The sessions will teach folks how to sign up for the program and maximize their benefits. The first session will be in Erie County.
Residents can check the delivery schedule showing the date it will be mailed. Just allow five to 10 business days for delivery. And no specific date will be offered, just a general timeline.
Governor Hochul revealed a regional breakdown of this year’s STAR property tax relief sharing that 2.78 million Big Apple residents will get relief.
- Capital District – $136.4 million for 238,000 taxpayers
- Central New York – $123.7 million for 173,000 taxpayers
- Finger Lakes – $193.7 million for 274,000 taxpayers
- Long Island – $659.2 million for 572,000 taxpayers
- Mid-Hudson – $461.1 million for 397,000 taxpayers
- Mohawk Valley – $62.5 million for 99,000 taxpayers
- New York City – $149.7 million for 474,000 taxpayers
- North Country – $44.5 million for 86,000 taxpayers
- Southern Tier – $103.4 million for 153,000 taxpayers
- Western New York – $168.5 million for 314,000 taxpayers
Read the full article here
