Thinking about leaving New York? You’re not alone, but be careful, there’s a lot of hidden costs. Some are paying way more than expected.
New census data shows more than 415,000 people left the state in 2024. Many are heading to Florida and Texas to escape some of the highest income taxes in the country. But there’s the catch.
New Yorkers Moving Out of State Are Facing Additional Taxes
New York doesn’t just let you go. Experts tell Hudson Valley Post that the Empire State has some of the most aggressive residency auditing rules in the country, and if you don’t act quickly, you could end up paying taxes in two states at once.
New York taxes you as a resident if it’s the state where you permanently live. But even if you move into another state, you can still be taxed as a New York resident under what’s called the Statutory Residency test…