SENATOR BRUNO REMINDS HOMEOWNERS TO LOOK FOR BIGGER STAR SAVINGS

School Property Tax Bills Reflect Doubled STAR Savings

Wednesday, September 6, 2000

Senate Majority Leader Joseph L. Bruno today reminded homeowners in the Capital Region to look for bigger savings on their school property tax bills this year.

"With the school year beginning, many homeowners are receiving their school property tax bills in the mail and they should look for the line that details how much they are saving as a result of the STAR school property tax cut program," Senator Bruno said. "The savings will be twice as much as last year as the STAR program provides a larger exemption."

The average STAR savings for homeowners in Rensselaer and Saratoga counties this year will be about $380.

Senator Bruno pointed out that while homeowners over age 65 making less than $60,000 annually received the full STAR savings in the first year of the program, STAR is being phased in over three years for all other homeowners.

This is the second year of the phase-in. As a result, homeowners will not pay property taxes on the first $20,000 of the market value of their home. In 2001, taxpayers won't have to pay property taxes on the first $30,000 of value. The taxes will be paid by the State, through the STAR program.

"Homeowners who pay their school taxes directly will see a line in the middle of the bill noting their STAR savings," Bruno explained. "People who have their bank or mortgage-holder pay the school tax bill through an escrow account will see their STAR savings listed in the receipt they receive about three weeks after the bill is paid by the mortgage holder."

Senator Bruno fought for enactment of the STAR program in 1998 as a way to help reduce school property taxes throughout the State. The program will save property taxpayers about $2.3 billion when it's fully implement.

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