Important taxes and fees for new residents
· When relocating to New York, new residents will want to be aware of the state taxes and fees listed below.
· New residents are able to locate additional tax information at the New York Department of Taxation and Finance Web site or call Taxpayer Assistance at 1-800-225-5829.
· New York also offers a Fax-On-Demand Phone Service at 1-800-748-3676, in which residents may have tax forms and instructions faxed directly to them 24 hours, 7 days a week.
Personal income tax
· New York residents must file Form IT-200 (Resident Income Tax Return) by April 15.
· The state sales tax is 4 percent.
Personal and real property taxes
· 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.
· Assessing units follow the municipal boundaries of county, city, town or village.
· 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.
The STAR (School Tax Relief) program is a partial exemption from school property taxes for owner-occupied primary residences. When fully implemented in the school year 2001-2002, the basic STAR exemption will reduce school property taxes for all homeowners by an average of 27 percent.
Intangible personal property taxes
· New York does not assess tax on intangible personal property.
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