NEW JERSEY – New Jersey is 2024’s state with the 9th highest tax burden, according to a study done by WalletHub.
With Tax Day approaching on April 15 and 72% of Americans thinking their current tax rate is too high, the personal-finance website WalletHub Tuesday released its 2024 Tax Burden by State report and its 2024 Tax Facts infographic.
In order to determine which states tax their residents most aggressively, WalletHub compared the 50 states based on the three components of state tax burden — property taxes, individual income taxes, and sales and excise taxes — as a share of total personal income.
Tax Burden in New Jersey (1=Highest, 25=Avg.):
- 9th – Overall Tax Burden (9.47%)
- 3rd – Property Tax Burden (4.59%)
- 30th – Individual Income Tax Burden (2.36%)
- 44th – Total Sales & Excise Tax Burden (2.52%)
Source: WalletHub
Here are the top 5 states with the highest tax burden:
- New York
- Hawaii
- Vermont
- Maine
- California
Here are the top 5 states with the lowest tax burden:
- Alaska
- New Hampshire
- Wyoming
- Florida
- Tennessee
For the full report, click here.
