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11/06/2023 Assessment Community Weekly

Reminder: Senior Income Level Report (Report #9) is now available in the Online Assessment Community

Report #9 lists properties whose owners have federal adjusted gross income below the maximum income that could possibly qualify them for a senior citizens (467) exemption.

To be listed on the report, the owners would typically:

  • meet the age requirements for the 2024 Enhanced STAR benefit, and
  • have a reported federal adjusted gross income (FAGI) below $58,400 on their 2022 income tax return(s).

For the details of Report #9, see the instructions.

2023 STAR credits vs STAR exemption savings

Each year, we publish STAR credit and exemption amounts for every one of the 3,000-plus school district segment in our state. This enables interested homeowners and local officials to compare the differences in their school district segments.

As you’ll recall, due to a law change in 2019, the STAR exemption savings can no longer increase, but the STAR credit can increase by as much as 2% annually. As a result, the STAR credit is more than the STAR exemption savings in many cases. 

After we’ve issued STAR credits in most districts, we update the STAR credit and exemption savings amounts to make it easy to compare the two benefits.

We will update the numbers for Nassau and Suffolk Counties later in the year after they issue their school tax bills.

You may be wondering why we don’t publish this data earlier in the year when homeowners would still have a chance to switch to the STAR credit. Here’s why: We rely on school tax rates to calculate STAR credits and STAR exemption savings. The final rates are not available until just before school tax bills are issued.

New Judicial case

We've added 503 Evergreen Ave. LLC v Metropolitan Realty Exemptions Inc. to new Judicial cases.