Source: 401(K) 2012 / Flickr

Source: 401(K) 2012 / Flickr

With the December 31 deadline fast approaching, only 50 percent of Brooklynites have successfully registered for a state property tax break that could save them hundreds of dollars according to a new Independent Budget Office (IBO) report.

The Basic STAR exemption is a state property tax break that saves city homeowners approximately $280 a year. The program itself is not new, but to combat fraud and abuse the state began requiring recipients to re-register earlier this year. Postcards went out to recipients, but the IBO reports that approximately 250,000 city households have not yet registered, leaving approximately $75 million in savings on the table. The registration rate citywide is 53 percent, and it’s 50 percent in Brooklyn alone.

Basic STAR is available for owner-occupied, primary residences, including homes, condos and co-ops, where the resident owners’ and their spouses income is less than $500,000. The program exempts the first $30,000 of the full value of a home. You can find out more about eligibility here.

Senior citizens receiving Enhanced STAR exemptions are not required to register and will continue to receive their benefits. Registration for the Basic STAR exemption will not have to re-register every year.

You can register for the program online.

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