NYS Tax Brackets

New York is the fourth most crowded state in the United States of America. New York State has its own particular tax rates and brackets.

New York has Earned Income Credit helps the people the reduce their taxes and even refund some amounts. New York’s state income tax has 8 different brackets ranging from 4% to 8.82%.

New York State has a progressive tax system meaning that the more you earn the more your income to be taxed.

New York State Tax Brackets for Single Filers

Tax Rate (%)Tax Bracket for Single Filer ($)
40 – 8,500
4.58,501 – 11,700
5.2511,701 – 13,900
5.913,901 – 21,400
6.3321,401 – 80,650
6.5780,651 – 215,400
6.85215,401 – 1,077,550
8.82more than 1,077,550

New York State has some specific taxes. These taxes are Sales Taxes, Real Property Taxes, and Inheritance and Estate Taxes. Let take a close look at these taxes:

Sales Taxes

The default state sales tax rate is 4 percent. If you live in a city, county or school district’s local tax range, this amount will also be added to your sales taxes. Remember that you can exempt some items from Sales Taxes like the followings:

  • Clothing and footwear expenses which are less than $110
  • Shoe Repair
  • Certain food, drinks
  • Medical equipment
  • Drugs
  • Newspapers

There are more exemption items more than those of course. You can check the file Publication 750 for detailed information. The file is included on the official web site of New York State’s Department of Taxation and Finance.

Real Property Taxes

This tax is mainly based on the real property’s value. The law allows properties to be assessed at any percentage. This can be 5, 10, 25, 99 percent. The properties can not be assessed at 100%. New York City and Nassau County are exceptions in which different class property are assessed at different percentages.

Inheritance and Estate Taxes

When the total federal gross estate, federally adjusted taxable belongings, and any other exemptions exceed the basic exclusion amount, your estate is required to file an NYS estate tax refund.

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