Quick Answer
Staten Island homeowners in Tottenville, New Dorp, Westerleigh, Todt Hill, Bulls Head and beyond may qualify for STAR school tax relief. Newer homeowners generally receive it as the STAR credit (a check from New York State), while long time owners may keep the older STAR exemption on their property tax bill.
STAR credit vs exemption
New York stopped offering the STAR exemption to new applicants years ago. If you bought recently, you register with the state for the STAR credit. Enhanced STAR is available to eligible seniors with income under a set limit.
Property taxes on your federal return
New York City property taxes, along with state and city income taxes, count toward the federal SALT deduction cap if you itemize. Recent federal changes raised the cap for many filers, so it is worth rechecking whether itemizing helps.
Mortgage interest
Mortgage interest on your main home is generally deductible if you itemize, subject to loan size limits. Bring Form 1098 from your lender.
Selling your home
Married couples can often exclude up to $500,000 of gain on a main home they owned and lived in for two of the last five years ($250,000 for single filers). Keep records of renovations, since they add to your basis.
General information only. Program rules and income limits change.
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Questions about your own situation? Book an appointment with the My Tax Fella team.