New Jersey’s business-tax climate has once again been ranked 50th out of 50 states in the annual state-by-state rankings compiled by the Washington, D.C.-based Tax Foundation.
Unsurprisingly, no other state scored worse than New Jersey when it came to property taxes, which now average $8,549. But New Jersey also came in 48th on individual taxes, 46th on sales taxes, and 42nd on business taxes. The state’s best showing was in the category of unemployment-insurance taxes, where it ranked 36th.
But the Tax Foundation’s analysis also highlighted some tax-policy changes that have been adopted in recent years, including a slight reduction of the sales tax and a phase-out of the estate tax. Still, since New Jersey taxes large estates and some inheritances, the changes didn’t improve this year’s overall score.