WalletHub: New Jersey has the 9th highest tax rates in the country

NEW JERSEY – New Jersey has the 9th highest tax rates in the country, according to a study done by WalletHub.

With Tax Day looming and 81% of people being more worried about inflation than taxes this year, WalletHub Monday released its 2023 Taxpayer Survey in order to help people better understand this confusing time of year.

Tax Rates in New Jersey (1=Lowest; 25=Avg.):

• 43^rd – Overall Effective State & Local Tax Rate
• 10^th – Income Tax
• 51^st – Real-Estate Tax
• 1^st – Vehicle Property Tax
• 7^th – Sales & Excise Taxes

2023 Taxpayer Survey

• 73% of people say the government does not spend their tax dollars wisely.
• Almost 34% of people say not having enough money is their biggest Tax Day fear, followed by making a math mistake (23%) and getting audited (22%).
• 39% of people would move to a different country for a tax-free future, while 37% would get an “IRS” tattoo and 23% would stop talking for 6 months.
• 49% of people would do jury duty rather than do their taxes, while 36% would talk to their kids about sex and 26% would miss a connecting flight.
• 72% of people think their current tax rate is too high.