March 1 deadline for tax-saving programs

Property owners who make the Island their primary residence and seniors who meet income limits have until Friday, March 1 to sign up for town and state programs to save on school property taxes.

Many residents qualify for a reduction in school taxes, regardless of age or income level, as long as they own property on Shelter Island and make it their primary residence. The simple, brief application form is available at the Town Assessors’ Office (749- 1080).

New York State’s BASIC School Tax Relief (STAR) program exempts the first $58,960 of the assessed value of the property from school taxes. Residents who already have an application on file from a previous year do not have to file again unless they have moved to a new property on the Island. First-time applicants will need to sign up by March 1 and provide proof of residency.

The ENHANCED STAR program is available to seniors, age 65 or older, whose annual income does not exceed $79,050. The program applies to the first $122,240 of their property’s assessed value and exempts that amount from the school tax.

The Assessors’ Office last week reported it still had not heard from 74 Islanders who were in the program last year.

Application for the ENHANCED STAR savings must be made by Friday, March 1 and will require proof of residency and their most recent income tax return. Applications for the program must be filed annually.

For those age 65 and older who earn less than $38,399 annually, the town has a special senior exemption that provides for a percentage reduction of all property taxes — not just school taxes — on a sliding scale depending on income.