Sticker shock led to rage yesterday when bargain-hunting New Yorkers realized they were being slapped with an almost 5 percent tax hike on clothes and shoe purchases.

The state’s tax exemption on wearable goods under $110 went the way of last season’s Michael Kors fashions, thanks to the state Legislature, which lifted the exemption to help close the state’s multibillion-dollar deficit gap.

All clothing and footwear — previously exempt from the state taxes if it was under $110 — will be hit with a 4~ percent state sales tax for the next six months.

The 4 percent is for the state tax, while the ~ percent is slated for the Metropolitan Commuter Transportation District tax to go to the MTA.

The good news is that the city is not adding its tax to garments under $110, and after April 1, 2011, the state taxes will apply only to clothes over $55.

In addition, the state taxes are supposed to go away for good April 1, 2012.

The hikes are projected to raise $530 million from now until they expire.

* The state has slapped a 4 3/8 % sales tax on all footwear and clothing sold until April 1. Previously, clothes and shoes under $110 were exempt from the levy.

* After April 1, the tax will remain on clothing costing more than $55.

* Most of the money collected (the 4%) goes into the state’s coffers; the rest goes to the MTA.

* The tax is expected to raise $330 million for the state by April 1 and another $210 million in the following year.

(Source: NY Post)