Taxes in Binghamton, New York
Complete tax guide for Binghamton, NY. State income tax up to 6.85%, 1.65% property tax, 5.81% sales tax. Calculate your total tax burden.
State Income Tax
6.85%
New York
Property Tax
1.65%
Effective rate
Sales Tax
5.81%
Combined rate
Tax Burden
Very High
Binghamton, NY Tax Overview
Population
47,969
Median Income
$71,100
Cost of Living
125.7 (100 = avg)
State Income Tax
6.85%
Local Income Tax
1.91%
Median Home Price
$441,000
Binghamton Tax Calculator
Pre-filled with Binghamton median: $71,100
Total Tax Burden in Binghamton
$18,924
Take-Home: $52,176 · Effective Rate: 26.62%
Federal Tax
$7,256
10.21% eff.
NY State + Local
$6,228
8.76% eff.
FICA
$5,439
7.65% eff.
Take-Home
$52,176
73.38% kept
Tax Breakdown
| Item | Annual | Monthly |
|---|---|---|
| Gross Income | $71,100.00 | $5,925.00 |
| Federal Income Tax | -$7,256.00 | -$604.67 |
| New York State Tax | -$4,870.35 | -$405.86 |
| Binghamton Local Tax (1.91%) | -$1,358.01 | -$113.17 |
| Social Security (6.2%) | -$4,408.20 | -$367.35 |
| Medicare (1.45%) | -$1,030.95 | -$85.91 |
| Take-Home Pay | $52,176.49 | $4,348.04 |
Property Tax in Binghamton
Median Home
$441,000
Annual Tax
$7,277
Monthly Tax
$606
Effective Rate
1.65%
Sales Tax in Binghamton
Combined Rate
5.81%
State Portion
~3.3%
Local Portion
~2.5%
The combined sales tax rate in Binghamton is 5.81%, which is below the national average of 7.12%. On a $100 purchase, you would pay $5.81 in sales tax.
Tax Burden Comparison
| Tax Type | Binghamton | New York Avg | National Avg |
|---|---|---|---|
| Income Tax | 6.85% + 1.91% | 6.85% | 4.6% |
| Property Tax | 1.65% | ~1.65% | 1.1% |
| Sales Tax | 5.81% | ~5.81% | 7.12% |
| Overall Burden | Very High | — | Moderate |
Tax Saving Tips for Binghamton Residents
- New York's income tax rate of 6.85% is above average. Maximize pre-tax retirement contributions (401k up to $23,500, IRA up to $7,000) to reduce both federal and state taxable income.
- Binghamton has a local income tax of 1.91%. If you work remotely, verify whether you owe city tax based on where you work or where you live. Some cities only tax people who work within city limits.
- Property tax in Binghamton (1.65%) is above the national average. Check if you qualify for homestead exemptions or assessment appeals to reduce your property tax bill.
- Use a Health Savings Account (HSA) if eligible. Contributions are tax-deductible ($4,300 individual, $8,550 family), growth is tax-free, and withdrawals for medical expenses are tax-free.
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See detailed state tax brackets, FICA breakdown, and compare to neighboring states.
Frequently Asked Questions
What are the tax rates in Binghamton, NY?
Binghamton, New York has a state income tax rate up to 6.85%, plus a local income tax of 1.91%. The property tax rate is 1.65% and the combined sales tax rate is 5.81%.
How much is property tax in Binghamton?
The effective property tax rate in Binghamton is 1.65%. On the median home price of $441,000, this equals approximately $7,277 per year or $606 per month. This is above the national average of 1.1%.
What is the sales tax rate in Binghamton?
The combined sales tax rate in Binghamton is 5.81%, which includes both state and local components. This is below the national average combined rate of approximately 7.12%.
How does Binghamton's tax burden compare to other cities?
Binghamton has a very high overall tax burden. The effective total tax rate for a median-income household is approximately 35.9%. The combination of 6.85% state income tax, 1.65% property tax, and 5.81% sales tax determines the total burden. Cost of living index is 125.7 (100 = national average).
Are there any local taxes in Binghamton?
Yes. Binghamton imposes a local income tax of 1.91% in addition to the state income tax of 6.85%.