0001379491-18-004327.txt : 20180910 0001379491-18-004327.hdr.sgml : 20180910 20180910102825 ACCESSION NUMBER: 0001379491-18-004327 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 18 FILED AS OF DATE: 20180910 DATE AS OF CHANGE: 20180910 EFFECTIVENESS DATE: 20180910 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN NEW YORK TAX FREE INCOME FUND CENTRAL INDEX KEY: 0000703112 IRS NUMBER: 942832429 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-77880 FILM NUMBER: 181061709 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN NEW YORK TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19920703 0000703112 S000006862 FRANKLIN NEW YORK TAX-FREE INCOME FUND C000018541 CLASS A1 FNYTX C000018543 CLASS C FNYIX C000018544 ADVISOR CLASS FNYAX C000194381 CLASS R6 FKTJX C000199699 Class A FNYQX 497 1 filing723.htm PRIMARY DOCUMENT

115 P2 09/18

 

 

 


SUPPLEMENT DATED SEPTEMBER 10, 2018

TO THE PROSPECTUS DATED OCTOBER 1, 2017

OF

FRANKLIN NEW YORK TAX-FREE INCOME FUND

The prospectus is amended as follows:

I. The Fund’s classes on the cover of the prospectus are replaced with the following:

Class A

Class A1

Class C

Class R6

Advisor Class

FNYQX

FNYTX

FNYIX

FKTJX

FNYAX

II. The following replaces the first paragraph under the “Fund Summary –Fees and Expenses of the Fund” section of the prospectus:

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 27 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 41 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.

III.  The following replaces the “Shareholder Fees,” “Annual Fund Operating Expenses” and “Example” tables in the “Fund Summary – Fees and Expenses of the Fund” section of the prospectus:

Shareholder Fees

(fees paid directly from your investment)

 

Class A1

Class A1

Class C2

Class R63

Advisor Class

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

4.25%

4.25%

None

None

None

Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds)

None4

None4

1.00%

None

None

1. The Fund publicly began offering Class A shares (formerly Class M shares) on September 10, 2018.

2. Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date.  Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes.  Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods.  (See “Your Account – Choosing a Shares Class – Sales Charges – Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)

3. The Fund began offering Class R6 shares on August 1, 2017.

4. There is a 0.75% contingent deferred sales charge that applies to investments of $500,000 or more (see "Investments of $500,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

On September 10, 2018, all outstanding Class A shares were renamed Class A1 shares and all outstanding Class M shares were renamed Class A shares.  As of September 7, 2018, Class A1 shares are no longer available to new investors. If you are a Class A1 shareholder, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

   

Class A1 

Class A1 

Class C 

Class R6 

Advisor Class 

Management fees 

0.45% 

0.45% 

0.45% 

0.45% 

0.45% 

Distribution and service (12b-1) fees 

0.25% 

0.10% 

0.65% 

None 

None 

Other expenses 

0.06% 

0.06% 

0.06% 

0.03% 

0.06% 

Total annual Fund operating expenses 

0.76% 

0.61% 

1.16% 

0.48% 

0.51% 

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1. The Fund publicly began offering Class A shares on September 10, 2018. Other expenses for Class A are based on estimated amounts for the current fiscal year.

Example

   

1 Year 

3 Years 

5 Years 

10 Years 

Class A   

$ 499 

$ 658 

$ 829 

$ 1,327

Class A1   

$ 485 

$ 612 

$ 751 

$ 1,155 

Class C   

$ 218 

$ 368 

$ 638 

$ 1,409 

Class R6   

$ 49 

$ 154 

$ 269 

$ 604 

Advisor Class   

$ 52 

$ 164 

$ 285 

$ 640 

If you do not sell your shares: 

 

 

 

 

Class C   

$ 118 

$ 368 

$ 638 

$ 1,409 

IV.  In the “Fund Summary – Performance” section of the prospectus, the “Average Annual Total Returns” table and the three paragraphs following the table are replaced with the following:

Average Annual Total Returns
(figures reflect sales charges)

For the periods ended December 31, 2017

   

1 Year 

5 Years

10 Years

Franklin New York Tax-Free Income Fund - Class A (formerly Class M)

 

 

 

         Return Before Taxes 

-1.93% 

0.92% 

3.08% 

         Return After Taxes on Distributions 

-1.94% 

0.92% 

3.07% 

         Return After Taxes on Distributions and Sale of Fund Shares 

0.34% 

1.52% 

3.26% 

Franklin New York Tax-Free Income Fund - Class A1 (formerly Class A)

-1.93% 

0.92% 

3.08% 

Franklin New York Tax-Free Income Fund - Class C   

0.89% 

1.22% 

2.95% 

Franklin New York Tax-Free Income Fund - Advisor Class   

2.55% 

1.88% 

3.62% 

Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 

5.45% 

3.02% 

4.46% 

Historical performance for Class A shares in the bar chart and table above prior to their inception is based on the performance of Class A1 shares and has not been adjusted to reflect differences in Rule 12b-1 fees between classes.  If Class A shares’ performance was recalculated to reflect Class A shares’ Rule 12b-1 fees, the performance shown would be lower.

Performance information for Class R6 shares is not shown because this class did not have a full calendar year of operations as of the date of this prospectus.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

V. The “Fund Summary – Purchase and Sale of Fund Shares” section is replaced with the following:

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund on any business day online through our website at franklintempleton.com, by mail (Franklin Templeton Investor Services, P.O. Box 997151, Sacramento, CA 95899-7151), or by telephone at (800) 632-2301. For Class A and C, the minimum initial purchase for most accounts is $1,000 (or $25 under an automatic investment plan). Class R6 and Advisor Class are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor, as described under “Your Account — Choosing a Share Class — Qualified Investors — Class R6” and “— Advisor Class” in the Fund’s prospectus. There is no minimum investment for subsequent purchases.

VI. The first paragraph and chart under the “Your Account – Choosing a Share Class” section of the prospectus are replaced with the following:

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Each class has its own sales charge and expense structure, allowing you to choose the class that best meets your situation. Your investment representative (financial advisor) can help you decide. Investors may purchase Class C shares only for Fund accounts on which they have appointed an investment representative (financial advisor) of record. Investors who have not appointed an investment representative (financial advisor) to existing Class C share Fund accounts may not make additional purchases to those accounts but may exchange their shares for shares of a Franklin Templeton fund that offers Class C shares. Dividend and capital gain distributions may continue to be reinvested in existing Class C share Fund accounts. These provisions do not apply to Employer Sponsored Retirement Plans.

Class A

Class C

Class R6

Advisor Class

Initial sales charge of 4.25% or less 

No initial sales charge 

See "Qualified Investors - Class R6" below 

See "Qualified Investors - Advisor Class" below 

Deferred sales charge of 0.75% on purchases of $500,000 or more sold within 18 months 

Deferred sales charge of 1% on shares you sell within 12 months 

 

 

Lower annual expenses than Class C due to lower distribution fees 

Higher annual expenses than Class A due to higher distribution fees.  Automatic conversion to Class A shares after approximately ten years, reducing future annual expenses.

 

 

The Fund publicly began offering Class R6 shares on August 1, 2017 and Class A shares on September 10, 2018.

Class A1 shares are closed to new investors effective at the close of market on September 7, 2018.  Existing investors who had an open and funded account as of that date will be able to continue to invest in Class A1 shares of the Fund through reinvestment of dividends, exchanges and additional purchases after such date. Employer sponsored retirement plans, benefit plans, or discretionary allocation programs that have Class A1 shares of a Fund available to participants or clients on or before September 7, 2018, may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

VII. The heading “Class A, M & C” under the first table of the “Your Account – Choosing a Share Class” section is replaced with “Class A, A1 & C.”

VIII.  The “Sales Charges – Class A & M” heading and chart under the “Your Account – Choosing a Share Class” section of the prospectus are replaced with the following:

Sales Charges – Class A & A1

when you invest this amount

the sales charge makes up this % of the offering price

which equals this % of your net investment

Under $100,000

4.25%

4.44%

$100,000 but under $250,000

3.25%

3.36%

$250,000 but under $500,000

2.25%

2.30%

$500,000 or more 

0.00%

0.00%

1. The dollar amount of the sales charge is the difference between the offering price of the shares purchased (which factors in the applicable sales charge in this table) and the net asset value of those shares. Since the offering price is calculated to two decimal places using standard rounding criteria, the number of shares purchased and the dollar amount of the sales charge as a percentage of the offering price and of your net investment may be higher or lower depending on whether there was a downward or upward rounding.

IX.  Under the “Your Account – Choosing a Share Class – Sales Charges – Class A & A1 – Sales Charge Reductions” section of the prospectus, all references to “Class M” are removed and all references to “Class A” are replaced with “Class A/A1.”

X. The “Your Account – Choosing a Share Class – Sales Charges – Class A & A1 – Sales Charge Waivers for Class A Shares “ is replaced with the following:

Sales Charge Waivers

Class A and Class A1 shares may be purchased without an initial sales charge or contingent deferred sales charge (CDSC) by certain investors. If you would like information about available sales charge waivers, call your investment representative or call Shareholder Services at (800) 632-2301.

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XI. The “Your Account – Choosing a Share Class – Sales Charges – Class A & A1 – Sales Charge Waivers for Class M Shares” section is removed in its entirety.

XII. Under the “Your Account – Choosing a Shares Class – Sales Charges - Class A & A1 – Sales Charge Waivers – Waivers for certain investors” section of the prospectus, , all references to “Class M” are removed, all references to “Class A” are replaced with “Class A/A1” and the following is added to the bullet point list:

•  Class C shareholders whose shares are converted to Class A shares after 10 years under the Class C shares’ conversion feature.

XIII. The following replaces the “Your Account – Choosing a Shares Class – Sales Charges – Class A & A1 – Investments of $1 Million or More” section:

Investments of $500,000 or More

If you invest $500,000 or more, either as a lump sum or through our cumulative quantity discount or letter of intent programs, you can buy Class A & A1 shares without an initial sales charge.  However, there is a 0.75% CDSC on any shares you sell within 18 months of purchase.  This CDSC will change to 1.00% on or after March 10, 2020.  The way we calculate the CDSC is the same for each class (please see “Contingent Deferred Sales Charge (CDSC) - Class A, A1 & C”).

XIV. The following replaces the “Your Account – Choosing a Share Class – Sales Charges – Class A – Distribution and Service (12b-1) Fees” section:

Distribution and Service (12b-1) Fees

Class A and Class A1 have a distribution plan, sometimes known as a Rule 12b1 plan that allows the Fund to pay distribution fees of up to 0.25% and 0.10% per year to those who sell and distribute Class A and Class A1 shares, respectively, and provide other services to shareholders. Because these fees are paid out of Class A’s and Class A1’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. 

We calculate the amount of these fees over a 12-month period that may differ from the Fund's fiscal year. Therefore, the amount shown from time to time in the Fund's fee table (which is based upon the Fund's fiscal year) may differ from the amount set forth in the Rule 12b-1 plan due to timing differences.

XV. The following replaces the second sentence under “Your Account – Choosing a Shares Class – Sales Charges –Class C” heading:

We place any investment of $500,000 or more in Class A shares, since Class A's annual expenses are lower.

XVI. All references to the “Contingent Deferred Sales Charge (CDSC) - Class A, M & C” heading are replaced with “Contingent Deferred Sales Charge (CDSC) - Class A, A1 & C.”

XVII. The “Notice of Automatic Conversion of Class C Shares to Class A Shares after 10-Year Holding Period” section under the “Your Account” section of the prospectus is removed and the following is added after the “Your Account – Choosing a Shares Class – Sales Charges – Class C – Distribution and Service (12b-1) Fees” section:

Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period

Effective on October 5, 2018, Class C shares’ conversion feature will become effective.  The conversion feature provides that Class C shares that have been held for 10 years or more will automatically convert into Class A shares and will be subject to Class A shares’ lower Rule 12b-1 fees (the “Conversion Feature”). On or about October 19, 2018, Class C shares of the Fund that have been outstanding for 10 years or more will automatically convert to Class A shares of the Fund on the basis of the relative net asset values of the two classes.  Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C (or Class C1) shares’ purchase date.  The monthly conversion date is expected to occur around the middle of every month and generally falls on a Friday.

Terms of the Conversion Feature.  Class C shares that automatically convert to Class A shares of the Fund will convert on the basis of the relative net asset values of the two classes.  Shareholders will not pay a sales charge, including a CDSC, upon the conversion of their Class C shares to Class A shares pursuant to the Conversion Feature. The automatic conversion of the Fund’s Class C shares into Class A shares after the 10-year holding period is not expected to be a taxable event for federal income tax purposes. Shareholders should consult with their tax advisor regarding the state and local tax consequences of such conversions.

4

 


 

If you previously owned Class C1 shares of the Fund, the time you held such shares will count towards the 10-year period for automatic conversion to Class A shares. Class C (or Class C1) shares of the Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the conversion date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. 

Class C shares held through a financial intermediary in an omnibus account will be automatically converted into Class A shares only if the intermediary can document that the shareholder has met the required holding period. In certain circumstances, when shares are invested through retirement plans, omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C (or Class C1) shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares and the financial intermediary may not have the ability to track purchases to credit individual shareholders’ holding periods.  This primarily occurs when shares are invested through certain record keepers for group retirement plans, where the intermediary cannot track share aging at the participant level.  In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the shareholder or their financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the shareholder or their financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C (and, if applicable, Class C1) shares. In these circumstances, it is the financial intermediary’s (and not the Fund’s) responsibility to keep records and to ensure that the shareholder is credited with the proper holding period. Please consult with your financial intermediary about your shares’ eligibility for this conversion feature. 

Also effective October 5, 2018, new accounts or plans may not be eligible to purchase Class C shares of the Fund if it is determined that the intermediary cannot track shareholder holding periods to determine whether a shareholder’s Class C shares are eligible for conversion to Class A shares.  Accounts or plans (and their successor, related and affiliated plans) that have Class C (or Class C1) shares of the Fund available to participants on or before October 5, 2018, may continue to open accounts for new participants in that share class and purchase additional shares in existing participant accounts.  The Fund has no responsibility for overseeing, monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the conversion of Class C shares into Class A shares. In these cases, Class C shareholders may convert to Class A shares under the policies of the financial intermediary and the conversion may be structured as an exchange of Class C shares for Class A shares of the Fund. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

XVIII.  Under the “Your Account – Choosing a Share Class – Reinstatement Privilege” section of the prospectus, all references to “Class M” are removed, all references to “Class A” are replaced with “Class A/A1” and the following replaces the first sentence in that section:

If you sell any class of shares of a Franklin Templeton Investments fund, you may reinvest all or a portion of the proceeds from that sale within 90 days within the same share class (or share class equivalent if the share class you redeemed from is closed to new investors) without an initial sales charge.

XIX.  The section “Your Account – Choosing a Share Class –Qualified Investors – Class M” of the prospectus is removed in its entirety.

XX.  Under the section “Your Account – Choosing a Share Class – Waivers for Exchanges between Classes of the Same Fund” of the prospectus, all references to “Class M” are removed.

XXI. The heading “Minimum Investments – Class A, M & C” under the “Your Account – Buying Shares” heading is replaced with “Minimum Investments – Class A, A1 & C.”

XXII. The sub-heading “Class A, M & C” under the section “Your Account – Exchanging Shares – Exchange Privilege” is replaced with “Class A, A1 & C.”

XXIII. The following is added to the “Your Account – Exchanging Shares – Exchange Privilege” section:

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Exchange Effects on Class C Conversion Feature.  Effective October 5, 2018, if you exchange your Class C shares for the same class of shares of another Franklin Templeton fund, the time your shares are held in the initial Fund will count towards the 10-year period for automatic conversion to Class A shares.

XXIV. The heading and first paragraph under the section “Your Account – Account Policies – Calculating Share Price – Class A, M & C” of the prospectus are replaced with the following:

Class A, A1 & C

When you buy shares, you pay the "offering price" for the shares. The "offering price" is determined by dividing the NAV per share by an amount equal to 1 minus the sales charge applicable to the purchase (expressed in decimals), calculated to two decimal places using standard rounding criteria. The number of Fund shares you will be issued will equal the amount invested divided by the applicable offering price for those shares, calculated to three decimal places using standard rounding criteria. For example, if the NAV per share is $10.25 and the applicable sales charge for the purchase is 5.50%, the offering price would be calculated as follows: 10.25 divided by 1.00 minus 0.055 [10.25/0.945] equals 10.582011, which, when rounded to two decimal points, equals 10.58. The offering price per share would be $10.58.

XXV. The sub-heading “Class A, M & C” under the section “Your Account – Account Policies – Dealer Compensation” is replaced with “Class A, A1 & C.”

XXVI. The following replaces the chart under the “Your Account – Account Policies – Dealer Compensation – Class A, A1 & C” section of the prospectus:

 

Class A 

Class A1 

Class C 

Commission (%)   

— 

— 

1.001 

Under $100,000

4.00%

4.00%

— 

$100,000 but under $250,000

3.00%

3.00%

— 

$250,000 but under $500,000

2.25%

2.25%

— 

$500,000 or more 

Up to 1.00%

Up to 1.00%

— 

12b-1 fee to dealer   

0.252 

0.102 

0.653 

1. Commission includes advance of the first year's 0.15% 12b-1 service fee. Distributors may pay a prepaid commission.

2. For purchases at NAV where Distributors paid a prepaid commission, dealers may start to receive the 12b-1 fee in the 13th month after purchase. For purchases at NAV where Distributors did not pay a prepaid commission, dealers may start to receive the 12b-1 fee at the time of purchase.

3. Dealers may be eligible to receive up to 0.15% at the time of purchase and may be eligible to receive 0.65% starting in the 13th month. During the first 12 months, the full 12b-1 fee will be paid to Distributors to partially offset the commission and the prepaid service fee paid at the time of purchase. For purchases at NAV where Distributors did not pay a prepaid commission, dealers may start to receive the 12b-1 fee at the time of purchase.  After approximately 10 years, Class C shares convert to Class A shares and dealers may then be eligible to receive the 12b-1 fee applicable to Class A.

Please keep this supplement with your prospectus for future reference.

6

 

115 SA2 09/18

 

 
 
 

 

 

 

 

 

 


SUPPLEMENT DATED SEPTEMBER 10, 2018

TO THE STATEMENT OF ADDITIONAL INFORMATION

DATED OCTOBER 1, 2017

OF

FRANKLIN NEW YORK TAX-FREE INCOME FUND

The Statement of Additional Information (“SAI”) is amended as follows:

I.  The Fund’s classes on the cover of the SAI are replaced with the following:

Class A

Class A1

Class C

Class R6

Advisor Class

FNYQX

FNYTX

FNYIX

FKTJX

FNYAX

II.  The following is added to the “Organization, Voting Rights and Principal Holders” section of the SAI:

On September 10, 2018, all outstanding Class A shares were renamed Class A1 shares and all outstanding Class M shares were renamed Class A shares. 

III.  In addition, in the “Organization, Voting Rights and Principal Holders” section of the SAI, all existing references to “Class A” are replaced with “Class A1” and all existing references to “Class M” are replaced with “Class A.”

IV.  In the “Buying and Selling Shares” section of the SAI, all references to “Class M” are removed and all references to “Class A” are replaced with “Class A/A1.”

V. The following replaces the second paragraph under “Buying and Selling shares – Initial sales charges – Financial intermediary compensation:”

Distributors may pay the following commissions to financial intermediaries who initiate and are responsible for purchases of Class A/A1 shares in the following amounts:

Amount of Investment

For Funds with an initial sales charge of 5.50% (%)

For Funds with an initial sales charge of 4.25% (%)

For Funds with an initial sales charge of 2.25% (%)

Under $50,000

5.00

4.00

2.00

$50,000 but under $100,000

4.00

4.00

2.00

$100,000 but under $250,000

3.00

3.00

1.75

$250,000 but under $500,000

2.25

2.25

1.25

$500,000 but under $1 million

1.75

1.00

1.00

$1 million but under $4 million 

1.00

1.00

1.00

$4 million but under $10 million 

1.00

1.00

1.00

$10 million but under $50 million 

0.50

0.50

0.50

$50 million or more 

0.25

0.25

0.25

Consistent with the provisions and limitations set forth in its Class A/A1 Rule 12b-1 distribution plan, the Fund may reimburse Distributors for the cost of these commission payments.

VI. The following replaces the first paragraph under “Buying and Selling shares – Contingent deferred sales charge (CDSC) - Class A, M & C:”

Contingent deferred sales charge (CDSC) - Class A, A1 & C     If you invest any amount in Class C shares, $1 million or more in Class A or A1 shares of mutual funds with a maximum initial sales charge of 5.50% or $500,000 or more for mutual funds with a maximum initial sales charge of 4.25% or 2.25%, either as a lump sum or through our cumulative quantity discount or letter of intent programs, a CDSC may apply on any Class A or A1 shares you sell within 18 months and any Class C shares you sell within 12 months of purchase. The CDSC is 1% of the value of the shares sold or the net asset value at the time of purchase, whichever is less, for Class A and A1 shares of mutual funds with a maximum initial sales charge of 5.50% and for Class C shares.  The CDSC is 0.75% of the value of the shares sold or the net asset value at the time of purchase, whichever is less, for Class A and A1 shares of mutual funds with a maximum initial sales charge of 4.25% or 2.25%; however this CDSC will change to 1.00% on or after March 10, 2020.

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VII.  In “The Underwriter” section, all references to “Class A” are replaced with “Class A1” and all references to “Class M” are replaced with “Class A.”

VIII.  The first sentence under “The Underwriter – Distribution and service (12b-1 fees) – Class A1, A and C – The Class A1, A and C plans” is replaced with the following:

The Class A, A1 and C plans. The Fund may pay up to 0.25% per year of Class A’s average daily net assets and up to 0.10% per year of Class A1’s average daily net assets.

IX.  The following is added under “The Underwriter – Distribution and service (12b-1 fees) – Class A1, A and C – The Class A, A1 and C plans:”

The Class A plan is a reimbursement plan. It allows the Fund to reimburse Distributors for eligible expenses that Distributors has shown it has incurred. The Fund will not reimburse more than the maximum amount allowed under the plan.

X.  In the “Performance” section of the SAI, all references to “Class M” are removed and all references to “Class A” are replaced with “Class A/A1.”

Please keep this supplement with your SAI for future reference.

2

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Document - Risk/Return Summary {Unlabeled} - Franklin New York Tax-Free Income Fund link:presentationLinklink:calculationLinklink:definitionLink 000002 - Schedule - Shareholder Fees {- Franklin New York Tax-Free Income Fund} link:presentationLinklink:calculationLinklink:definitionLink 000003 - Schedule - Annual Operating Expenses {- Franklin New York Tax-Free Income Fund} link:presentationLinklink:calculationLinklink:definitionLink 000004 - Schedule - Expense Example {- Franklin New York Tax-Free Income Fund} link:presentationLinklink:calculationLinklink:definitionLink 000005 - Schedule - Expense Example, No Redemption {- Franklin New York Tax-Free Income Fund} link:presentationLinklink:calculationLinklink:definitionLink 000006 - Schedule - Annual Total Returns - Franklin New York Tax-Free Income Fund [BarChart] link:presentationLinklink:calculationLinklink:definitionLink 000007 - Schedule - Average Annual Total Returns {Transposed} {- Franklin New York Tax-Free Income Fund} link:presentationLinklink:calculationLinklink:definitionLink 000008 - 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You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under &#147;Your Account&#148; on page 27 in the Fund's Prospectus and under &#147;Buying and Selling Shares&#148; on page 41 of the Fund&#146;s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A &#150; "Intermediary Sales Charge Discounts and Waivers" to the Fund&#146;s prospectus.</p><p>Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.</p></div>Shareholder Fees (fees paid directly from your investment)~ http://www.proofPlus.com/role/ShareholderFeesS000006862_FranklinNewYorkTaxFreeIncomeFund14 column period compact * ~0.04250.04250.000.000.000.000.000.01000.000.00<div><p>Annual Fund Operating Expenses</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>~ http://www.proofPlus.com/role/OperatingExpensesS000006862_FranklinNewYorkTaxFreeIncomeFund14 column period compact * ~0.00450.00450.00450.00450.00450.00250.00100.00650.000.000.00060.00060.00060.00030.00060.00760.00610.01160.00480.0051ExampleThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:4996588291327~ http://www.proofPlus.com/role/ExpenseExampleS000006862_FranklinNewYorkTaxFreeIncomeFund14 column period compact * ~485612751115521836863814094915426960452164285640If you do not sell your shares:~ http://www.proofPlus.com/role/ExpenseExampleNoRedemptionS000006862_FranklinNewYorkTaxFreeIncomeFund14 column period compact * ~1183686381409Portfolio Turnover0.1744<div><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17.44% of the average value of its portfolio.</p></div>Principal Investment StrategiesUnder normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax, and from New York State personal income taxes.<div><p>Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax, and from New York State personal income taxes. As a non-fundamental policy, the Fund also normally invests at least 65% of its total assets, although it generally invests more, in securities that pay interest free from New York City personal income taxes. Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be invested in securities that pay interest that may be subject to the federal alternative minimum tax and, although not anticipated, in securities that pay taxable interest.</p><p>The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or comparable unrated or short-term rated securities).</p><p>The Fund may invest in securities of any maturity or duration.</p><p>The Fund may invest in insured municipal securities. Insured municipal securities are covered by insurance policies that guarantee the timely payment of principal and interest. The insurance premium costs, however, are typically reflected in a lower yield and/or higher price for the insured bond. It is important to note that insurance does not guarantee the market value of an insured security, or the Fund&#146;s share price or distributions, and shares of the Fund are not insured.</p><p>The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p>Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p>The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund&#146;s range of allowable investments and typically uses a buy and hold strategy. This means it generally holds securities in the Fund&#146;s portfolio for income purposes, rather than trading securities for capital gains, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal.</p></div>Principal Risks<div><p>You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p><p>Interest Rate</p><p>When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.</p><p>Market</p><p>The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.</p><p>Credit</p><p>An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.</p><p>A change in the credit rating of a municipal bond insurer that insures securities in the Fund&#146;s portfolio may affect the value of the securities it insures, the Fund&#146;s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p><p>New York</p><p>The Fund invests predominantly in New York municipal securities. Therefore, events in New York are likely to affect the Fund&#146;s investment and its performance. These events may include economic or political policy changes, tax base erosion, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of New York. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</p><p>Bond Insurers</p><p>Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</p><p>Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p><p>Focus</p><p>The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</p><p>Tax-Exempt Securities</p><p>Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security&#146;s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</p><p>Income</p><p>Because the Fund can only distribute what it earns, the Fund's distributions to shareholders may decline when prevailing interest rates fall or when the Fund experiences defaults on debt securities it holds.</p><p>Prepayment</p><p>Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</p><p>Liquidity</p><p>From time to time, the trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund&#146;s ability to sell such securities or other investments when necessary to meet the Fund&#146;s liquidity needs or in response to a specific economic event and will also generally lower the value of a security or other investments. Market prices for such securities or other investments may be volatile.</p><p>Management</p><p>The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</p></div>Performancefranklintempleton.com(800) DIAL BEN/342-5236The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance.Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.<div><p>The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p>Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p></div>Class A Annual Total Returns-0.03210.13270.00860.10010.0640-0.04650.09280.01510.00880.0245~ http://www.proofPlus.com/role/AnnualTotalReturnsBarChartS000006862_FranklinNewYorkTaxFreeIncomeFund14 column period compact * ~Best Quarter:2009-09-300.0660Worst Quarter:2010-12-31-0.0518<table style="font: 11px sans-serif; background-color:#DDDDDD" border="0" cellspacing="0" cellpadding="5" width="745"><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Best Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q3'09</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">6.60%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Worst Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q4'10</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">-5.18%</td></tr></table><div><p>Average Annual Total Returns<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2017</p></div>~ http://www.proofPlus.com/role/AverageAnnualTotalReturnsS000006862_FranklinNewYorkTaxFreeIncomeFund14 column period compact * ~Return Before TaxesFranklin New York Tax-Free Income Fund-0.01930.00920.0308Return After Taxes on DistributionsFranklin New York Tax-Free Income Fund-0.01940.00920.0307Return After Taxes on Distributions and Sale of Fund SharesFranklin New York Tax-Free Income Fund0.00340.01520.0326-0.01930.00920.03080.00890.01220.02950.02550.01880.03620.05450.03020.0446<div><p>Historical performance for Class A shares in the bar chart and table above prior to their inception is based on the performance of Class A1 shares and has not been adjusted to reflect differences in Rule 12b-1 fees between classes. If Class A shares&#146; performance was recalculated to reflect Class A shares&#146; Rule 12b-1 fees, the performance shown would be lower.</p><p>Performance information for Class R6 shares is not shown because this class did not have a full calendar year of operations as of the date of this prospectus.</p><p>The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.</p></div>Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)The Fund began publicly offering Class A shares (formerly Class M shares) on September 10, 2018.The Fund began publicly offering Class A shares on September 10, 2018. Other expenses for Class A are based on estimated amounts for the current year.There is a 0.75% contingent deferred sales charge that applies to investments of $500,000 or more (see "Investments of $500,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.The Fund began offering Class R6 shares on August 1, 2017. 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Label Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Caption Column Label Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield 1 year Expense Example, with Redemption, 1 Year 3 years Expense Example, with Redemption, 3 Years 5 years Expense Example, with Redemption, 5 Years 10 years Expense Example, with Redemption, 10 Years Expense Example, No Redemption, 1 Year 1 Year Expense Example, No Redemption, 3 Years 3 Years Expense Example, No Redemption, 5 Years 5 Years Expense Example, No Redemption, 10 Years 10 Years Annual Return 2003 2003 Annual Return 2004 2004 Annual Return 2005 2005 Annual Return 2006 2006 Annual Return 2007 2007 Annual Return 2008 2008 Annual Return 2009 2009 Annual Return 2010 2010 Annual Return 2011 2011 Annual Return 2012 2012 Annual Return 2013 2013 Annual Return 2014 2014 Annual Return 2015 2015 Annual Return 2016 2016 Annual Return 2017 2017 Annual Return 2018 2018 Annual Return 2019 2019 Annual Return 2020 2020 Past 1 year 1 Year Past 5 years 5 Years Past 10 years 10 Years Past 15 years 15 Years Franklin New York Tax-Free Income Fund-14 Franklin New York Tax-Free Income Fund-14 Franklin New York Tax-Free Income Fund Franklin New York Tax-Free Income Fund Franklin New York Tax-Free Income Fund Franklin New York Tax-Free Income Fund Class A Class A Class A Franklin New York Tax-Free Income Fund Class A1 Class A1 Class A1 Franklin New York Tax-Free Income Fund Class C Class C Class C Franklin New York Tax-Free Income Fund Class R6 Class R6 Class R6 Franklin New York Tax-Free Income Fund Advisor Class Advisor Class Advisor Class Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) Maximum Deferred Sales Charge 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Prospectus Date rr_ProspectusDate Sep. 10, 2018

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Fund Summary
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund
Investment Goal
To provide investors with as high a level of income exempt from federal, New York State and New York City personal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital.
Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 27 in the Fund's Prospectus and under “Buying and Selling Shares” on page 41 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – "Intermediary Sales Charge Discounts and Waivers" to the Fund’s prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees {- Franklin New York Tax-Free Income Fund} - Franklin New York Tax-Free Income Fund-14 - Franklin New York Tax-Free Income Fund
Class A
[1]
Class A1
Class C
[2]
Class R6
[3]
Advisor Class
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) 4.25% 4.25% none none none
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) none [4] none [4] 1.00% none none
[1] The Fund began publicly offering Class A shares (formerly Class M shares) on September 10, 2018.
[2] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)
[3] The Fund began offering Class R6 shares on August 1, 2017.
[4] There is a 0.75% contingent deferred sales charge that applies to investments of $500,000 or more (see "Investments of $500,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Annual Operating Expenses {- Franklin New York Tax-Free Income Fund} - Franklin New York Tax-Free Income Fund-14 - Franklin New York Tax-Free Income Fund
Class A
[1]
Class A1
Class C
Class R6
Advisor Class
Management fees 0.45% 0.45% 0.45% 0.45% 0.45%
Distribution and service (12b-1) fees 0.25% 0.10% 0.65% none none
Other expenses 0.06% 0.06% 0.06% 0.03% 0.06%
Total annual Fund operating expenses 0.76% 0.61% 1.16% 0.48% 0.51%
[1] The Fund began publicly offering Class A shares on September 10, 2018. Other expenses for Class A are based on estimated amounts for the current year.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example {- Franklin New York Tax-Free Income Fund} - Franklin New York Tax-Free Income Fund-14 - Franklin New York Tax-Free Income Fund - USD ($)
Class A
Class A1
Class C
Class R6
Advisor Class
1 year $ 499 $ 485 $ 218 $ 49 $ 52
3 years 658 612 368 154 164
5 years 829 751 638 269 285
10 years $ 1,327 $ 1,155 $ 1,409 $ 604 $ 640
If you do not sell your shares:
Expense Example, No Redemption {- Franklin New York Tax-Free Income Fund}
Franklin New York Tax-Free Income Fund-14
Franklin New York Tax-Free Income Fund
Class C
USD ($)
1 Year $ 118
3 Years 368
5 Years 638
10 Years $ 1,409
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17.44% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax, and from New York State personal income taxes. As a non-fundamental policy, the Fund also normally invests at least 65% of its total assets, although it generally invests more, in securities that pay interest free from New York City personal income taxes. Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be invested in securities that pay interest that may be subject to the federal alternative minimum tax and, although not anticipated, in securities that pay taxable interest.

The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or comparable unrated or short-term rated securities).

The Fund may invest in securities of any maturity or duration.

The Fund may invest in insured municipal securities. Insured municipal securities are covered by insurance policies that guarantee the timely payment of principal and interest. The insurance premium costs, however, are typically reflected in a lower yield and/or higher price for the insured bond. It is important to note that insurance does not guarantee the market value of an insured security, or the Fund’s share price or distributions, and shares of the Fund are not insured.

The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.

Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.

The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically uses a buy and hold strategy. This means it generally holds securities in the Fund’s portfolio for income purposes, rather than trading securities for capital gains, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal.

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.

New York

The Fund invests predominantly in New York municipal securities. Therefore, events in New York are likely to affect the Fund’s investment and its performance. These events may include economic or political policy changes, tax base erosion, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of New York. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.

Bond Insurers

Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.

Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.

Focus

The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.

Tax-Exempt Securities

Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Income

Because the Fund can only distribute what it earns, the Fund's distributions to shareholders may decline when prevailing interest rates fall or when the Fund experiences defaults on debt securities it holds.

Prepayment

Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.

Liquidity

From time to time, the trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs or in response to a specific economic event and will also generally lower the value of a security or other investments. Market prices for such securities or other investments may be volatile.

Management

The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Class A Annual Total Returns
Bar Chart
Best Quarter:Q3'096.60%
Worst Quarter:Q4'10-5.18%

Average Annual Total Returns
(figures reflect sales charges)

For the periods ended December 31, 2017

Average Annual Total Returns{- Franklin New York Tax-Free Income Fund} - Franklin New York Tax-Free Income Fund-14 - Franklin New York Tax-Free Income Fund
Past 1 year
Past 5 years
Past 10 years
Class A | Return Before Taxes (1.93%) 0.92% 3.08%
Class A | After Taxes on Distributions (1.94%) 0.92% 3.07%
Class A | After Taxes on Distributions and Sales 0.34% 1.52% 3.26%
Class A1 | Return Before Taxes (1.93%) 0.92% 3.08%
Class C | Return Before Taxes 0.89% 1.22% 2.95%
Advisor Class | Return Before Taxes 2.55% 1.88% 3.62%
Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 5.45% 3.02% 4.46%

Historical performance for Class A shares in the bar chart and table above prior to their inception is based on the performance of Class A1 shares and has not been adjusted to reflect differences in Rule 12b-1 fees between classes. If Class A shares’ performance was recalculated to reflect Class A shares’ Rule 12b-1 fees, the performance shown would be lower.

Performance information for Class R6 shares is not shown because this class did not have a full calendar year of operations as of the date of this prospectus.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

XML 14 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FRANKLIN NEW YORK TAX FREE INCOME FUND
Prospectus Date rr_ProspectusDate Sep. 10, 2018
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund  
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To provide investors with as high a level of income exempt from federal, New York State and New York City personal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 27 in the Fund's Prospectus and under “Buying and Selling Shares” on page 41 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – "Intermediary Sales Charge Discounts and Waivers" to the Fund’s prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17.44% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 17.44%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption If you do not sell your shares:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax, and from New York State personal income taxes. As a non-fundamental policy, the Fund also normally invests at least 65% of its total assets, although it generally invests more, in securities that pay interest free from New York City personal income taxes. Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be invested in securities that pay interest that may be subject to the federal alternative minimum tax and, although not anticipated, in securities that pay taxable interest.

The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or comparable unrated or short-term rated securities).

The Fund may invest in securities of any maturity or duration.

The Fund may invest in insured municipal securities. Insured municipal securities are covered by insurance policies that guarantee the timely payment of principal and interest. The insurance premium costs, however, are typically reflected in a lower yield and/or higher price for the insured bond. It is important to note that insurance does not guarantee the market value of an insured security, or the Fund’s share price or distributions, and shares of the Fund are not insured.

The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.

Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.

The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically uses a buy and hold strategy. This means it generally holds securities in the Fund’s portfolio for income purposes, rather than trading securities for capital gains, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax, and from New York State personal income taxes.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.

New York

The Fund invests predominantly in New York municipal securities. Therefore, events in New York are likely to affect the Fund’s investment and its performance. These events may include economic or political policy changes, tax base erosion, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of New York. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.

Bond Insurers

Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.

Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.

Focus

The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.

Tax-Exempt Securities

Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Income

Because the Fund can only distribute what it earns, the Fund's distributions to shareholders may decline when prevailing interest rates fall or when the Fund experiences defaults on debt securities it holds.

Prepayment

Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.

Liquidity

From time to time, the trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs or in response to a specific economic event and will also generally lower the value of a security or other investments. Market prices for such securities or other investments may be volatile.

Management

The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) DIAL BEN/342-5236
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress franklintempleton.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Class A Annual Total Returns
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Best Quarter:Q3'096.60%
Worst Quarter:Q4'10-5.18%
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns
(figures reflect sales charges)

For the periods ended December 31, 2017

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Historical performance for Class A shares in the bar chart and table above prior to their inception is based on the performance of Class A1 shares and has not been adjusted to reflect differences in Rule 12b-1 fees between classes. If Class A shares’ performance was recalculated to reflect Class A shares’ Rule 12b-1 fees, the performance shown would be lower.

Performance information for Class R6 shares is not shown because this class did not have a full calendar year of operations as of the date of this prospectus.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice 4.25% [1]
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none [1],[2]
Management fees rr_ManagementFeesOverAssets 0.45% [3]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25% [3]
Other expenses rr_OtherExpensesOverAssets 0.06% [3]
Total annual Fund operating expenses rr_ExpensesOverAssets 0.76% [3]
1 year rr_ExpenseExampleYear01 $ 499
3 years rr_ExpenseExampleYear03 658
5 years rr_ExpenseExampleYear05 829
10 years rr_ExpenseExampleYear10 $ 1,327
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | Class A1  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice 4.25%
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none [2]
Management fees rr_ManagementFeesOverAssets 0.45%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.10%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.61%
1 year rr_ExpenseExampleYear01 $ 485
3 years rr_ExpenseExampleYear03 612
5 years rr_ExpenseExampleYear05 751
10 years rr_ExpenseExampleYear10 $ 1,155
2008 rr_AnnualReturn2008 (3.21%)
2009 rr_AnnualReturn2009 13.27%
2010 rr_AnnualReturn2010 0.86%
2011 rr_AnnualReturn2011 10.01%
2012 rr_AnnualReturn2012 6.40%
2013 rr_AnnualReturn2013 (4.65%)
2014 rr_AnnualReturn2014 9.28%
2015 rr_AnnualReturn2015 1.51%
2016 rr_AnnualReturn2016 0.88%
2017 rr_AnnualReturn2017 2.45%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.60%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.18%)
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none [4]
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [4]
Management fees rr_ManagementFeesOverAssets 0.45%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.65%
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 1.16%
1 year rr_ExpenseExampleYear01 $ 218
3 years rr_ExpenseExampleYear03 368
5 years rr_ExpenseExampleYear05 638
10 years rr_ExpenseExampleYear10 1,409
1 Year rr_ExpenseExampleNoRedemptionYear01 118
3 Years rr_ExpenseExampleNoRedemptionYear03 368
5 Years rr_ExpenseExampleNoRedemptionYear05 638
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,409
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none [5]
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none [5]
Management fees rr_ManagementFeesOverAssets 0.45%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.03%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.48%
1 year rr_ExpenseExampleYear01 $ 49
3 years rr_ExpenseExampleYear03 154
5 years rr_ExpenseExampleYear05 269
10 years rr_ExpenseExampleYear10 $ 604
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.45%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.06%
Total annual Fund operating expenses rr_ExpensesOverAssets 0.51%
1 year rr_ExpenseExampleYear01 $ 52
3 years rr_ExpenseExampleYear03 164
5 years rr_ExpenseExampleYear05 285
10 years rr_ExpenseExampleYear10 $ 640
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | Return Before Taxes | Class A  
Risk/Return: rr_RiskReturnAbstract  
Column rr_AverageAnnualReturnColumnName Franklin New York Tax-Free Income Fund
Label rr_AverageAnnualReturnLabel Return Before Taxes
Past 1 year rr_AverageAnnualReturnYear01 (1.93%)
Past 5 years rr_AverageAnnualReturnYear05 0.92%
Past 10 years rr_AverageAnnualReturnYear10 3.08%
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | Return Before Taxes | Class A1  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 (1.93%)
Past 5 years rr_AverageAnnualReturnYear05 0.92%
Past 10 years rr_AverageAnnualReturnYear10 3.08%
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | Return Before Taxes | Class C  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 0.89%
Past 5 years rr_AverageAnnualReturnYear05 1.22%
Past 10 years rr_AverageAnnualReturnYear10 2.95%
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | Return Before Taxes | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 2.55%
Past 5 years rr_AverageAnnualReturnYear05 1.88%
Past 10 years rr_AverageAnnualReturnYear10 3.62%
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | After Taxes on Distributions | Class A  
Risk/Return: rr_RiskReturnAbstract  
Column rr_AverageAnnualReturnColumnName Franklin New York Tax-Free Income Fund
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
Past 1 year rr_AverageAnnualReturnYear01 (1.94%)
Past 5 years rr_AverageAnnualReturnYear05 0.92%
Past 10 years rr_AverageAnnualReturnYear10 3.07%
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | After Taxes on Distributions and Sales | Class A  
Risk/Return: rr_RiskReturnAbstract  
Column rr_AverageAnnualReturnColumnName Franklin New York Tax-Free Income Fund
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Past 1 year rr_AverageAnnualReturnYear01 0.34%
Past 5 years rr_AverageAnnualReturnYear05 1.52%
Past 10 years rr_AverageAnnualReturnYear10 3.26%
Franklin New York Tax-Free Income Fund-14 | Franklin New York Tax-Free Income Fund | Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 5.45%
Past 5 years rr_AverageAnnualReturnYear05 3.02%
Past 10 years rr_AverageAnnualReturnYear10 4.46%
[1] The Fund began publicly offering Class A shares (formerly Class M shares) on September 10, 2018.
[2] There is a 0.75% contingent deferred sales charge that applies to investments of $500,000 or more (see "Investments of $500,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.
[3] The Fund began publicly offering Class A shares on September 10, 2018. Other expenses for Class A are based on estimated amounts for the current year.
[4] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)
[5] The Fund began offering Class R6 shares on August 1, 2017.
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Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FRANKLIN NEW YORK TAX FREE INCOME FUND
Prospectus Date rr_ProspectusDate Sep. 10, 2018
Document Creation Date dei_DocumentCreationDate Jun. 20, 2017
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