New York's income tax rates are average when compared to other states. A typical middle-income earner won't feel the sting unless they move to a city that adds more local income taxes. Commuter costs for people working in and around New York City only add to the burden. Homeowners don't catch any breaks, either. Property taxes in the Empire State are among the highest in the nation, leaving residents to weigh the benefits versus the burdens of living in such an exciting but expensive place.

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