If living in New York feels expensive, you’re not wrong. We’ve just learned a major reason why.
A new report says New Yorkers are dealing with one of the highest tax burdens in the entire country.
New York Ranks Second In Nation In Tax Burden
According to a new analysis from WalletHub, New York ranks 2nd overall when it comes to total tax burden in 2026. The study looked at three major categories. Property taxes, income taxes, and sales taxes are all measured as a percentage of what people actually earn.
Tax Burden in New York (1=Highest, 25=Avg.):2nd – Overall Tax Burden (12.39%)4th – Property Tax Burden (4.22%)2nd – Individual Income Tax Burden (4.65%)23rd – Total Sales & Excise Tax Burden (3.53%)
New York State also ranked 2nd in the nation for individual income taxes. Property taxes aren’t far behind, coming in at 4th overall.
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“It’s easy to be dismayed at tax time when you see just how much of your income you lose. Living in a state with a low tax burden can alleviate some of that stress. Some states charge no income tax or no sales tax, although all states have some form of property taxes and excise taxes,” WalletHub Analyst Chip Lupo stated.
If you’re wondering, Hawaii has the highest overall tax burden, while Alaska has the lowest.
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Delaware, Florida, Tennessee, and New Hampshire are the other states with the lowest taxes.
Vermont, New Mexico and Maine round out the top five states with the highest tax burdens.
Helpful Tips to Help You Save MoneyHelpful Tips to Help You Save Money
Everyone is struggling to save money right now here is a look at things you can do to help keep some of that money you earned.
Gallery Credit: Billy Jenkins
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Gallery Credit: Bethany Adams
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