NYC also has a city income tax and also adds its 4% to the state’s 4.85% sales tax. Surrounding jurisdictions, except for Yonkers which also has an income tax, rely solely on sales and property taxes. So their prop taxes are significantly higher, especially their school taxes.
Thanks,that explains it-——I was taken aback by how low it was.
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It would be interesting, to see the total tax burden people have in different places.
For example, we see NYC property taxes are actually lower than many places, but, they have a city income tax, which most places don’t have. So do New Yorkers pay more taxes than other places, when you take those differences into account?
California’s property taxes are capped due to Proposition 13 at 1% of market value, plus an increase of up to 2% per year if real estate values go up. Which is a lower rate than many places. Yet California is a high tax state, due mainly to high state income taxes on high income earners, plus high gas taxes.
I don’t know if anyone has ever done a study of total tax burdens in different places, but it would be interesting to see.