How bad are the taxes you pay in New York City?

Question

I have heard horror stories about the cost of living there. Property, sales, etc., whatever. Any facts on this are appreciated.

Does anyone know the skinny on this?

Answer 1

Property taxes are low on a percentage, but hight because everything is valued so high. But they are still lower than expected. This is made up for with a city tax that hits a high of 4%, and a state tax of 10%. You are also probably going to make more than if you lived in the midwest, so you will probably hit the 33% fed bracket. They are also considering removing the ceiling on the SS tax, so that with medicare is going to be more than 7%.

So that puts you at 54+% tax from your paycheck.

with that said, it is kind of worth it for a few years. Then like everyone else, you move to LI, upstate NY, or NJ.

A couple that makes $300K/year (which is not a lot in the city), will save $1000/month in city tax to move to NJ.

Answer 2

It's not NYC, it's the suburbs where the taxes are astronomical. The NYC suburbs meaning Westchester County and Long Island. As far as NYC, you have high gas and cigarette taxes. There is about a $5.00 tax on a single pack of cigarettes. Yet property taxes are reasonable in NYC. On a $500,000 house, the owner will pay at annual tax of about $2,000. In the suburbs, the property tax on a $500,000 house is about $9,000.

Answer 3

Real estate taxes within the city limits are lower than jersey or long island, slaes tax is 8.65%, there is city, state and federal tax on income. toilet paper is subject to sales tax. so far the air that we breathe is not taxed yet , but it is all worth it :)

Answer 4

The taxes are terribly high and the cost of living is high because of it.

Answer 5

if you smoke, take all the cigs you'll need!