Interactive Map: Income Taxes Expected to Add $13B to State Coffers

Colleen O'Dea | April 17, 2015 | Map of the Week, Maps
NJ tax filers include more than 53,000 residents – including the Christies – with incomes over $500,000

In the aftermath of Income Tax Day on Wednesday, returns are pouring into the New Jersey Division of Taxation’s offices to be processed.

The state expects to collect $13 billion in total in income taxes in the current fiscal year, which ends June 30, and $13.7 billion in the fiscal year beginning July 1.

In 2012, according to the most current detailed tax data from the state Division of Taxation, 4 million New Jersey full-year resident filers – both single and married people — paid an average of $2,496 in state income taxes on $82,746 in income. That brought in more than $10 billion in taxes levied against $332 billion in total income.

Including out-of-state and part-year residents who had to pay New Jersey income taxes, the state took in a total of $11.5 billion in income taxes on $553 billion in income.

Those figures represented the third consecutive increase in income-tax revenues, following two years of decline during the most recent recession.

The previous highest gross income was $525 billion, yielding nearly $12 billion in state income taxes in 2007. While total income surpassed that total in 2012, the amount of taxes collected did not quite reach the 2012 level.

The average income and amount paid in taxes also rose for New Jerseyans — a 5.2 percent increase in income from the $78,657 average in 2011 and 12.2 percent more in the average $2,225 income tax bill for residents.

Statewide, the average senior citizen paid slightly less than non-senior filers: $2,334 compared with $2,528. But there were five counties in which households with at least one taxpayer 65 or older paid more in taxes than non-senior households: Cumberland, Essex, Mercer, Passaic and Union.

The data also gives a glimpse of the wealth of New Jersey filers. According to the report, 53,405 filers, including Gov. Chris Christie and his family, had incomes higher than $500,000. Nearly 18,000 Garden State residents reported at least $1 million in income, representing almost one-half of 1 percent of all state taxpayers. And there were 563 filers with income of at least $10 million.

Morris, Somerset and Bergen counties had the largest percentages of millionaire filers, about 1 percent of all filers in those counties. Somerset households paid the highest state income tax and were the only county where the average exceeded $5,000. The lowest average income-tax bill, was in Cumberland, which was the only county where the typical filer paid less than $1,000.