News Department
WalletHub: New Jersey has the 10th highest tax rates in the country
NEW JERSEY – New Jersey has the 10th highest tax rates in the country, according to a study done by WalletHub.
With Tax Day looming and 44 million Americans expecting to pay this year’s taxes late due to the COVID-19 pandemic, WalletHub today released its 2022 Taxpayer Survey in order to help people better understand this confusing time of year. You can find highlights from both below, followed by the full list of WalletHub’s 2022 taxpayer resources.
2022 Taxpayer Survey
- 72% of Americans think the government should have provided more tax relief due to COVID-19.
- 81% of people say the government does not spend their tax dollars wisely.
- Half of people would move to a different state to avoid taxes.
- 48% of Americans think that their neighbors cheat on their taxes.
- 66% of people think their current tax rate is too high.
Tax Rates in New Jersey (1=Lowest; 25=Avg.):
- 42nd – Overall Effective State & Local Tax Rate
- 10th – Income Tax
- 51st – Real-Estate Tax
- 1st – Vehicle Property Tax
- 7th – Sales & Excise Taxes
Source: WalletHub
Here are the top 5 states with the highest tax rates:
- Illinois
- Connecticut
- New York
- Pennsylvania
- Kansas
Here are the top 5 states with the lowest tax rates:
- Alaska
- Delaware
- Montana
- Nevada
- Wyoming
For the full report, click here.