New York City Money Calculators

New York City at a glance

Income taxes in New York City

New York City is the only city in this group that adds its own resident income tax. A New Yorker pays federal tax, New York State tax (graduated from 3.9% up to 10.9%) and NYC tax (3.078% to 3.876%). The city tax is based on where you live, not where you work, so a New Jersey or Westchester commuter working in Manhattan does not pay it, while a Brooklyn resident working remotely for an out-of-state company does.

Two small state deductions appear on every New York paycheck: Paid Family Leave (0.432% of wages in 2026, capped at $411.91 a year) and disability insurance (0.5% of wages, capped at $0.60 a week). They are easy to overlook but show up as separate lines on a pay stub.

Housing: renting and buying

Most New Yorkers rent, and the rental market runs on income tests: many landlords want annual income of 40 times the monthly rent, and guarantor companies fill the gap for people who fall short. Buyers choose between condos, which are ordinary real estate, and co-ops, where you buy shares and must be approved by a board. Prices swing widely between neighborhoods such as the Upper West Side, Park Slope, Astoria, Washington Heights and Riverdale.

NYC property tax is built on the Department of Finance market value, not the sale price. One- to three-family homes (Class 1) are taxed on 6% of that value at 19.843% for fiscal year 2026, and co-ops and condos (Class 2) on 45% at 12.439%. Because DOF values co-ops and condos using rental income, their bills are often low relative to price. Co-op owners pay their share through monthly maintenance, and many qualify for the co-op/condo abatement.

Closing costs and transfer taxes

New York City has some of the highest closing taxes in the country. Buyers of homes at $1 million or more pay the mansion tax (1% rising to 3.9%), and borrowers pay mortgage recording tax of 1.8% or 1.925% on condo and house loans (co-op loans are exempt). Sellers usually pay the NYC Real Property Transfer Tax (1% or 1.425%) and New York State transfer tax (0.4%, or 0.65% on residential sales of $3 million or more).

Getting around

The MTA's base subway and bus fare rose to $3.00 in January 2026, and OMNY caps what you pay at $35 in any seven-day period, which replaced the old 30-day MetroCard. Owning a car in Manhattan is expensive: garage parking commonly runs several hundred dollars a month, and driving into the Manhattan congestion relief zone adds a toll.

Insurance and everyday costs

New York is a no-fault state, so every auto policy includes $50,000 of personal injury protection alongside 25/50/10 liability and uninsured motorist coverage. Brooklyn, the Bronx and Queens often carry higher premiums than Manhattan or Staten Island because of claim frequency.

Full-time infant care in New York City is among the most expensive in the country. The city's free 3-K and Pre-K for All programs cover many three- and four-year-olds, which can change a family's budget sharply once a child ages in. Families can check provider licensing through the NYC Health Department and the NYS Office of Children and Family Services.

Rent dominates the NYC budget, but the city also has high grocery and service prices. On the other hand, many residents live without a car, which removes one of the largest costs in other cities.

How to use the New York City calculators

Every tool below uses New York City's own rules — the New York tax engine for paychecks, the NYC Department of Finance's method for property tax, and local transfer taxes for closing costs. Start with the paycheck calculator to see real take-home pay, then use the housing tools to test rents or home prices against it. Each result comes with a Reasoning box that explains which rule mattered most.

Frequently asked questions