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Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories.
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But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: @fabien-bazanegue-photography/Twenty20 January 21, 2019 Kay Bell Megan Harney Bankrate logo
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions.
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While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
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Bankrate logo
The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first.
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All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo
Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first.
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Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust.
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Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate.
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We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader.
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Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers.
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Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo
How we make money
You have money questions.
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Bankrate has answers. Our experts have been helping you master your money for over four decades.
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We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
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The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service.
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We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site.
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While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Overview of New York taxes
New York’s state income tax rates range from 4 percent to 8.82 percent over eight income brackets. More on the Empire State’s taxes can be found in the tabbed pages below.
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Personal income tax
New York collects state income taxes using a progressive eight-bracket system. For single taxpayers: 4 percent on the first $8,500 of taxable income.
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4.5 percent on taxable income between $8,501 and $11,700. 5.25 percent on taxable income between $11,701 and $13,900. 5.9 percent on taxable income between $13,901 and $21,400.
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6.33 percent on taxable income between $21,401 and $80,650. 6.57 percent on taxable income between $80,651 and $215,400.
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6.85 percent on taxable income between $215,401 and $1,077,550. 8.82 percent on taxable income of more than $1,077,550.
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Empire State are due April 15 or the next business day if that date falls on a weekend or holiday.
New York City has its own tax rates and brackets
The state’s earned income credit helps taxpayers offset increases in living expenses and Social Security taxes, reduces taxes owed and in some cases can even provide a refund to filers who do not owe any tax. File Form IT-215, .
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Sales taxes
New York’s state sales tax rate is currently 4 percent plus any local tax imposed by a city, county or school district. The types of within the Empire State are many and varied. While many goods and services are subject to sales tax, certain items are exempt.
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For instance, dry cleaning, shoe repair, certain food and drinks, drugs and medical equipment, newspapers and prosthetic devices are among many items exempt from sales tax. Clothing and footwear sold for less than $110 are also exempt from state sales tax. Details on New York state sales taxes can be found in .
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Real property taxes
Real property in New York is taxed based on its value. Counties, cities, towns, villages, school districts and special districts each raise money through the real property tax to pay for local services.
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The amount of a particular property’s tax bill is determined by the property’s taxable assessment and the tax rates of the in which the property is located. New York state law provides that every property be assessed at a uniform percentage of value (except in New York City and Nassau County, where the law authorizes classes of property to be assessed at different percentages).
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That percentage can be 5 percent, 10 percent, 50 percent or any other percentage not exceeding 100 percent. Regardless of the percentage chosen by the municipality, the law requires all properties to be assessed at the same percentage within the municipality. The provides a property tax relief benefit for owner-occupied primary residences.
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The Enhanced STAR benefit is available for the primary residences of senior citizens (age 65 and older) with yearly household incomes not exceeding the statewide standard. New homeowners can register for the STAR program by visiting New York residents may also be eligible to claim the real property tax credit for homeowners and renters.
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Applicants must file .
Inheritance and estate taxes
New York has no inheritance tax.
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An estate is required to file a New York state return if the total of the federal gross estate plus the federal adjusted taxable gifts and specific exemption exceed the basic exclusion amount, and the individual was either a New York resident at the time of death or a US resident or citizen whose estate included real or tangible personal property located in New York. The basic exclusion amount, or BEA, is adjusted each year. For deaths on or after April 1, 2017, and on or before Dec.
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31, 2018, the estate value exclusion amount is $5.25 million. For deaths on or after January 1, 2019 and before January 1, 2020, the exclusion amount is $5.74 million.
Other New York tax facts
At New York’s , taxpayers can view and pay tax bills, including estimated taxes; view and reconcile estimated income tax accounts; file a state sales tax no-tax-due return; and upload wage reporting.
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New York taxpayers can check the status of their refunds by using the New York State Department of Taxation and Finance’s . New York taxpayers can learn about their rights in .
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For more information, visit the of the New York Department of Taxation and Finance.
Learn more
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