Now that tax time is here, New Jerseyans probably don’t want to be reminded that they bear some of the heaviest tax burdens in the country, especially when it comes to property taxes. Actually, the Garden State’s property-tax burden is the second-weightiest, when calculated as a share of personal income, according to a new study from WalletHub, the personal finances website.
Not to be confused with tax rates, which vary widely based on an individual’s particular circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes.
For the aforementioned property taxes, the burden is 5.31 percent. The tax burden for Individual Income Taxes is 2.32 percent, which puts New Jersey in 24th place in this category. And the total sales and excise tax burden is 2.51 percent, which is the 43rd lowest coast to coast.
When the experts at WalletHub were finished with their calculations, how did New Jersey fare? We have the seventh-highest overall tax burden in the country — at 10.14 percent.