Mass Exodus: New Yorkers Fleeing Over High Property Taxes

New York has some of the highest property taxes in the country, and now thousands are leaving because of it.

The numbers are raising serious concerns

New York Ranks Among The Worst States For Property Taxes

According to a new study, New York is one of the five worst states in the country for property taxes.

Nationally, the median property tax bill rose nearly 25 percent from 2019 to 2024. In New York, homeowners are paying an average of $6,582 a year in property taxes, based on an effective rate of 1.55 percent.

New Yorkers Fleeing State Over Property Taxes

The numbers are driving a very real exodus.

New York lost a net 71,987 income tax filers between 2022 and 2023, the second-worst outmigration in the country. The average adjusted gross income of a departing New Yorker is $62,633, meaning the state is bleeding real tax base with every U-Haul that heads south.

The Hudson Valley and Upstate New York is just as bad as New York City, if not worst. In fact, some suburban and rural areas have some of the heaviest property tax burdens relative to home values anywhere in the state.

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Florida and Texas are the top destinations for New Yorkers. Each state added more than 55,000 new filers. South Carolina and Tennessee are also seeing significant gains.

Other States People Are Leaving Over Property Taxes

New York isn't alone in this problem, though it's among the top five states. New Jersey tops the list, followed by Illinois. Connecticut and New Hampshire round out the top five.

Why Property Taxes Are Surging

The reason property taxes are surging comes down to a few things.

Home values jumped dramatically after the pandemic, pushing assessed values and tax bills higher with them. In Northeast states like New York, there are fewer caps on how much those bills can increase, leaving homeowners with limited protection against sharp year-over-year hikes. Local governments leaning heavily on property taxes to fund schools and services haven't helped either.

Some states are starting to push back. Thirteen states are currently considering significant property tax relief measures, with proposals ranging from rate caps to rebate programs.

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