Your school property tax bill must clearly state your STAR exemption amount and your tax savings. If your taxes are held in an escrow account, you should receive a receipt that includes your STAR information.
Most STAR recipients save several hundred dollars due to the Basic or Enhanced STAR exemptions. Several factors impact your savings, including the amount of:
- your property's assessed value that is exempt from property taxes due to STAR
- taxes collected by your school district
- prior year savings (STAR savings cannot increase by more than 2% the following year)
STAR exemption amounts vary based on:
- location (some counties are adjusted upwards to account for higher home values and higher taxes)
- whether the municipality conducted a reassessment
- the level of assessment of the individual municipality
- annual adjustment based on the rate of inflation (Enhanced STAR only)
Updated: January 10, 2012