FiDi Residents Get the Largest Tax Returns in the City, According to the IRS

Posted On Mon, April 25, 2016 By

Posted On Mon, April 25, 2016 By In City Living

It’s time for Uncle Sam to start writing tax refund checks, and according to the IRS he’ll be shelling out the most in the Financial District. As the Post reports, “One-percenters living in the Financial District have the highest taxable income, the biggest tax bills and get the largest refunds in New York City.” 

Though zip codes 10012 and 10013 (which make up parts of the West Village, Soho, Tribeca and the Lower East Side) are the most expensive in terms of real estate, it’s FiDi’s 10005 that is the richest in terms of earnings. The average annual taxable income for residents here is $948,979, and they pay $254,835 in taxes and get refunded $74,079.

tax forms

Federal tax data from 2013 shows that the second wealthiest neighborhood is the Upper East Side (10022) where residents earn an average of $522,181. It’s followed by Tribeca (10007) at $501,094, the Upper East Side (10021) at $497,786, and the Upper West Side (10069) at 479,819.

The poorest neighborhood is the South Bronx’s 10456 zip code, where residents earn an average of $23,859 annually. Morris Heights (10453), Bathgate (10457), Mott Haven (10454), and High Bridge (10452) were the other areas with lowest income. Though the South Bronx had the smallest tax bill at $2,306, it’s Greenpoint (11222) that had the smallest refund at $2,220.

To demonstrate the wide gap in income, the Post points to a recent report from the Independent Budget Office, which says the top one percent paid 47 percent of the city’s income taxes in 2013, not surprising considering NYC is home to more billionaires than any city in the world.

[Via NYP]

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