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If property values in Any Village go down 10%, then each property is assessed at $90,000. The amount they pay in taxes, however, remains the same because the tax levy amount has not changed, even though the assessment has declined. Each resident still owns 50% of the total property in Any Village and must pay 50% of the $2,000 tax levy, which is $1,000. Even if the properties’ assessments increase to $110,000 each, the taxes stay exactly the same. They each still own 50% of the total property and Any Village still needs to collect $2,000, therefore they will continue to see a $1,000 property tax bill.
An increase or decrease in the assessment of an individual property is not an indicator of whether the tax bill for a property will go up, down, or remain the same.
There are two parts to the STAR property tax exemption:•The Basic STAR exemption is available for owner-occupied, primary residences with an annual household income of $500,000 or less.•The Enhanced STAR exemption is available for the primary residences of senior citizens (age 65 and older) with yearly household incomes not exceeding the statewide standard ($84,550 for the 2014 tax year.) For property owned by a husband and wife, or by siblings, only one of them must be at least 65 years of age as of December 31 of the year in which the exemption is being applied. The combined annual income, however, must not exceed the STAR income standard.
Income-Based property tax exemptions include Basic STAR (For owner-occupied homes with an annual income of $500,000 or less) and Enhanced STAR (For seniors 65 years and older with an annual household income under $84,550); Low Income Senior Citizens and Limited Income Disability exemptions (Under $37,400); and the Eligible Funds Veterans exemption (see brochure for details.)
To file for the Basic and Enhanced STAR exemptions, homeowners will be required to provide copies of their latest recorded Deed, Federal or State Income Tax Return and Proof of Residency (Drivers License/Vehicle Registration).
To file for the Low Income Seniors or Limited Income Disability exemptions, homeowners are required to provide copies of their latest recorded Deed, Federal or State Income Tax Return, Proof of Residency (Drivers License/Vehicle Registration), and all supporting income documentation used to file Income Tax Returns (1099’s, Interest and Dividend Statements, etc.)
Non-Income-Based property tax exemptions include the Volunteer Firefighter and Ambulance Worker, Cold War Veterans, and Alternative Funds Veterans exemptions.
To file for the Volunteer Firefighter and Ambulance Worker, Cold War Veterans, and Alternative Funds Veterans exemptions, homeowners are required to provide copies of their recorded Deed, Proof of Residency (Drivers License/Vehicle Registration), Copy of Discharge Papers (DD214), and a Letter from Chief of Department listing years of service (when applying for the Volunteer Firefighter and Ambulance Worker exemption only.)