Taxes in New York for retirees
A single retiree with $60,000 of income and a $350,000 home pays about $10,280 a year in New York income, property and sales tax. That is $3,861 a year more than the middle state, and ranks 46 of 47 states from lowest to highest.
Where the $10,280 comes from
| Tax | Per year | How we got it |
|---|---|---|
| State income tax | $2,643 | Standard deduction, no credits. Source |
| Property tax | $5,075 | Statewide typical rate of 1.45% of home value. Your county and exemptions will differ. Source |
| Sales tax | $2,562 | 4% state plus 4.54% average local on the spending you list as taxable. Source |
| Total counted | $10,280 | Every yearly tax above is included. |
Tax on what you leave behind
estate tax applies (threshold not verified). This is a flag, not a bill.
Ways to lower your New York property tax
Enhanced STAR (exemption or credit)
Lowers your school property tax bill; the amount depends on where you live
The state page gives no deadline. Source
Senior Citizens Exemption (RPTL 467)
Cuts your home's taxable assessment by up to 50% (up to 65% at lower incomes where adopted)
Apply by: March 1. Source
What this assumes
- A single filer with $60,000 a year, all of it taxable income such as a pension or retirement account withdrawals.
- Social Security is not counted, because states treat it differently. Your state may also exempt some retirement income, which would lower the income tax.
- A $350,000 home taxed at the state's typical rate, and $30,000 a year of spending that carries sales tax.
- City and county income taxes are not included. Your county may charge more or less property tax than the state typical.
General information, not tax advice. Rates change each year, so confirm with your state tax agency. See all 47 states ranked.