New York Income Tax
New York has a progressive income tax with rates ranging from 4-10.9%. Lower income earners pay the lower rate, with the top rate applying to the highest bracket.
New York Sales Tax
The state sales tax rate in New York is 4%. With an average local sales tax of 4.52%, the combined average sales tax rate is 8.52%.
New York Property Tax
The effective property tax rate in New York is 1.62%. With a median home value of $384,100, the median annual property tax bill is $6,470 ($539/month).
Property taxes in New York are significantly higher than the national average, which is an important factor for homebuyers.
Corporate & Business Taxes
The corporate tax rate in New York is 6.5-7.25%.
Other Taxes in New York
| Tax Type | Rate / Amount |
|---|---|
| Gas Excise Tax | $0.33/gallon |
| Cigarette Tax | $4.35/pack |
| Estate Tax | Yes |
| Inheritance Tax | No |
Key Facts
NYC residents pay additional city income tax of 3.078-3.876%. Highest cigarette tax in the nation.
Compare to Other States
See how salaries compare on our average salary in New York page. Thinking about starting a business? Check our LLC guide for New York. See the current minimum wage in New York.
Financial Calculators
Plan your finances in New York with our free tools:
- Paycheck Calculator — estimate take-home pay after taxes
- Salary Calculator — convert hourly to annual pay
- Mortgage Calculator — estimate monthly home payments
- Home Affordability Calculator — see how property taxes affect what you can afford