| $ Personal income tax |
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New York residents must file Form IT-200 (Resident Income Tax Return) by April 15. |
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Both full and part-time New York residents may obtain downloadable income tax forms from the New York Department of Taxation and Finance's Web site. |
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The state's Innocent Spouse tax law makes it easier for a spouse to be relieved from an income tax liability related to a tax delinquent husband or wife (or former spouse). |
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For 2003 returns, the standard deduction for married filing jointly and qualifying widow(er) is increased to $14,600. There is no change to the standard deduction for the other filing statuses. |
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The state's earned income credit has increased to 30 percent of the federal credit. The 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, Claim for Earned Income Credit. |
| $ Sales tax |
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The state sales tax increased to 4.25 percent on June 1, 2003. |
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Local rates vary, meaning the combined sales tax rate could be more than 8 percent in some areas. |
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| $ Personal and real property taxes |
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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. The amount of a particular property's tax bill is determined by the property's taxable assessment and the tax rates of the taxing jurisdictions in which the property is located. |
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New York State law provides that every property in most municipalities be assessed at a uniform percentage of value. That percentage can be 5 percent, 10 percent, 50 percent or any other percentage not exceeding 100 percent. It does not matter what percentage is used, but that every property is assessed at the same uniform percentage within one assessing unit. |
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The STAR (School Tax Relief) program is a partial exemption from school property taxes for owner-occupied primary residences. STAR works by exempting the first $30,000 of the full value of their home from school taxes. The exemption is phased in over three years at the rate of $10,000 of full value each year. It is expected to reduce school property taxes for all homeowners by an average of 27 percent. |
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To apply for STAR, contact your local property assessor or call 1-888-NY-STAR-5 to obtain the phone number for your local property assessor. The application form is RP-425. Residents may download an application or renewal application. |
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New York residents may also be eligible to claim the Real Property Tax Credit for Homeowners and Renters. Applicants must file Form IT-214.
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| $ Intangible personal property taxes |
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New York does not assess tax on intangible personal property.
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| $ Inheritance and estate taxes |
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New York has no inheritance tax. |
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Its estate tax system is tied to the federal collection of these taxes. |
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For more information, visit the Web site of the New York Department of Taxation and Finance or call Taxpayer Assistance at (800) 225-5829. New York also offers a Fax-On-Demand Phone Service at (800) 748-3676, in which residents may have tax forms and instructions faxed directly to them 24 hours a day, seven days a week. |
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