Facts & Figures 2024: How Does Your State Compare?
Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min read
New York Tax Rates, Collections, and Burdens
How does New York’s tax code compare? New York has a graduated state individual income tax, with rates ranging from 4.00 percent to 10.90 percent. There are also jurisdictions that collect local income taxes. New York has a graduated corporate income tax, with rates ranging from 6.5 percent to 7.25 percent. New York also has a 4.00 percent state sales tax rate and an average combined state and local sales tax rate of 8.53 percent. New York has a 1.54 percent effective property tax rate on owner-occupied housing value.
New York has an estate tax. New York has a 25.68 cents per gallon gas tax rate and a $5.35 cigarette excise tax rate. The State of New York collects $10,380 in state and local tax collections per capita. New York has $19,407 in state and local debt per capita and has a 92 percent funded ratio of public pension plans. Overall, New York’s tax system ranks 49th on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and New York is no exception. The first step towards understanding New York’s tax code is knowing the basics. How does New York collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
Stay informed on the tax policies impacting you.
Subscribe to get insights from our trusted experts delivered straight to your inbox.
Subscribe
Tax Data by State
Get facts about taxes in your state and around the U.S.
State Tax Data
Individual Taxes
Business Taxes
Sales Taxes
Featured Articles
2024 State Business Tax Climate Index
In recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.
111 min read
State and Local Tax Burdens, Calendar Year 2022
Tax burdens rose across the country as pandemic-era economic changes caused taxable income, activities, and property values to rise faster than net national product. Tax burdens in 2020, 2021, and 2022 are all higher than in any other year since 1978.
24 min read
State Individual Income Tax Rates and Brackets, 2024
Individual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?
8 min read
State Corporate Income Tax Rates and Brackets, 2024
Graduated corporate rates are inequitable—that is, the size of a corporation bears no necessary relation to the income levels of the owners.
7 min read
State and Local Sales Tax Rates, 2024
Retail sales taxes are an essential part of most states’ revenue toolkits, responsible for 32 percent of state tax collections and 13 percent of local tax collections (24 percent of combined collections).
9 min read