NEW JERSEY – New Jersey has the 4th highest tax rates in the country, according to a study done by WalletHub.
With Tax Day looming and over 3 in 4 Americans more worried about inflation than taxes, WalletHub Monday released its 2024 Taxpayer Survey, as well as its yearly report on the States with the Highest & Lowest Tax Rates, to help people better understand this confusing time of year
Tax Rates in New Jersey (1=Lowest; 25=Avg.):
- Overall Rank: 48th
- 48th – Overall Effective State & Local Tax Rate
- 51st – Real-Estate Tax
2024 Taxpayer Survey
- Over 3 in 4 Americans are more worried about inflation than taxes right now.
- 72% of Americans think their current tax rate is too high.
- 28% of people say getting audited is their biggest Tax Day concern, while an equal percentage is concerned about not having enough funds to pay taxes.
- 39% of Americans think charities would make better use of their tax dollars than government or religious groups.
- More than 2 in 5 Americans know someone who has cheated on their taxes.
- Nearly 2 in 3 people describe companies that advertise free tax filing services as bait-and-switch schemes.
- 90% of Americans think filing taxes should be free.
Source: WalletHub
Here are the top 5 states with the highest tax rates:
- Illinois
- Connecticut
- New York
- New Jersey
- Pennsylvania
Here are the top 5 states with the lowest tax rates:
- Alaska
- Delaware
- Wyoming
- Idaho
- Montana
For the full report, click here.
