On May 13, 2024, New York State Tax and Finance announced that there is now a direct deposit option for those homeowners that receive the School Tax Relief (STAR) credit payments. This payment can be direct deposited into the recipient’s bank account by signing up on the new Homeowner Benefit Portal. Learn more here.
The STAR program offers property tax relief to eligible New York State homeowners. Relief is offered in two forms: the STAR credit and the STAR exemption. The STAR credit is available for eligible homeowners via a check or direct deposit. Eligible homeowners are those that maintain the home as a primary residence and that have combined income of $500,000 or less. The STAR exemption, no longer available for new homeowners, allows those in the program since 2015 to receive an exemption amount on their school tax bill instead of the credit.
The Homeowner Benefit Portal is in the Individual Online Services account. If a recipient already has an Individual Online Services account, they can login and select the real property tax option on the Services screen in the upper-left hand corner. If the recipient does not have an account, they can easily create one in the link above. The Homeowner Benefit Portal allows the recipient to:
- Register for STAR
- Enroll in STAR credit direct deposit
- Check the status of property tax registrations
- Switch to the STAR credit
- View, edit, or close registrations
- Ensure information is accurate and complete
- Take action to resolve property tax issues
The homeowner should enroll in the direct deposit at least 15 days before the STAR credit is issued. To determine when the STAR credit will be issued, homeowners can go to the STAR Credit Delivery Schedule look up, which can be found here.
Homeowners that want to enroll in the direct deposit option must have a personal checking or savings account. They will need the routing and account numbers when they enroll. The deposit can only be made into one account but can be deposited into someone else’s account.
NYS Tax department’s new direct option portal will allow homeowners to get their credit sooner than if a check is mailed. Enrolling is simple and available on the NYS Tax website. Also, any changes that need to be made, such as changes in a bank account number are easily made on the portal. Taking the time to enroll should save time and worry in the future.
If you need further guidance or have any questions on this topic, we are here to help. Please do not hesitate to reach out to discuss your specific situation.
This material has been prepared for general, informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Should you require any such advice, please contact us directly. The information contained herein does not create, and your review or use of the information does not constitute, an accountant-client relationship.
