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Tax Summary
- New York has five different tax brackets ranging from 4% to 6.85% depending upon how much you earn.
- Dependents earn an exemption of $1,000 each. There are no exemptions for single or married individuals.
- New York state has an Innocent Spouse Tax Law that protects spouses from liability for deliquent taxes owed by a spouse or former spouse.
- Earned Income Credit is 30% of the Federal Earned Income Credit
- Sales tax in New York is 4.25%
- Various cities and counties have an additional local sales tax.
- Real property is taxed based on its actual value. There are real property taxes assessed for counties, school districts, towns, and special districts depending upon each area’s needs.
- New York uses STAR (School Tax Relief), a program exempting homeowners from paying taxes on the first $30,000 of their primary residences.
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