The Real Deal New York

Financial District residents pay the most taxes in NYC

Apparently the real money isn’t uptown these days
April 24, 2016 11:25AM

The Financial District

The Financial District

Top earners in the Financial District have the highest taxable income and the biggest tax bills in New York City, according to an analysis of the latest IRS data available. Naturally, they also get the largest refunds.

The IRS data shows that residents of South Bronx had the lowest taxable income and the smallest tax bills in the city, according to the New York Post. Greenpoint residents received the smallest average refund in the five boroughs.

Onboard Informatics looked at 2013 federal tax data by ZIP code for the Post and found that the Financial District’s 10005 ZIP code was the city’s wealthiest. Residents earned an average of $948,979 in annual taxable income and paid an average of $254,835 in taxes. And their refund? A whopping $74,079.

Unsurprisingly, the second wealthiest neighborhood in the city was the Upper East Side’s 10022, where locals earned $522,181. It was followed by Tribeca’s 10007 ($501,094), the Upper East Side’s 10021 ($497,786) and the Upper West Side’s 10069 ($479,819).

The city’s poorest ZIP was 10456, in the soon-to-be-gentrifying South Bronx, where locals earned an average of $23,859.

“There are penalties involved if your taxes paid are not high enough, so [rich Manhattanites] would rather pay a little extra and not risk the penalty. So they get the bigger refunds,” CPA Harris Fishbein explained. [NYP]Christopher Cameron