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2015 Financial Condition Report For Fiscal Year Ended March 31, 2015
Tax Collections Continue to Rise
Over the past five years, New York State tax collections have increased by almost 17 percent. In comparison, the inflation rate for the same time period was 10.3 percent and the average wage growth was 14 percent.
The combined federal, State, and local tax burden in New York State was $313 per $1,000 of personal income in fiscal year 2014.
At the local level, almost two-thirds of all property taxes are collected by school districts.
The State Relies Heavily on Personal Income Tax as a Major Source of Revenue
Personal income tax:
makes up over 60 percent of New York State’s tax collections.
has increased in collections by more than 20 percent over the past five years.
Only Oregon and Virginia have a heavier reliance on the personal income tax than New York State. Nationwide, there is a heavier reliance on sales and user taxes.
Collections for sales and user taxes, New York State’s second largest revenue source, increased by 8 percent over the past five years.
Federal taxes make up the largest segment of the overall tax burden on New Yorkers. Local taxes include property taxes, income taxes, sales taxes, mortgage recording taxes and utility taxes imposed by local governments.
