Research Reveals New Jersey Tax Burden One Of The Worst In America

While there are many positives to living in New Jersey, the cost of living could be better for many residents.

From the summer season at the Jersey Shore to the historical attractions around the state and the plethora of breweries and wineries to visit, there are plenty of activities to enjoy in The Garden State. But none of those perks can outweigh the reality that New Jersey has some of the highest Household Expenses in the United States.

A contributing factor to the high Cost of Living in New Jersey is the tax burden on residents. While NJ Governor Phil Murphy wants to raise taxes in the coming months, we were wondering how bad is the tax levy for New Jersey.

Latest Research Shows NJ Taxes Among The Worst In America

According to research by the Tax Foundation, New Jersey residents pay the fourth highest Income Tax Rates in the United States. The only states whose residents pay higher Income Tax Rates are California, Hawaii, and New York.

In a study released by Turbo Tax, they found that New Jersey has the highest Average Property Tax Rate in the United States (2.23%). When combining the average of all Tax rates, New Jersey residents have the sixth highest tax Burden in America.

Based on the percentage of the average money going to the state each year in various taxes, these are the Top Ten Heaviest Tax Burden in the United States:

1. New York (12.47%)
2. Hawaii: (12.31%)
3. Maine (11.14%)
4. Vermont (10.28%)
5. Connecticut (9.83%)
6. New Jersey (9.76%)
7. Maryland (9.44%)
8. Minnesota (9.41%)
9. Illinois (9.38%)
10. Iowa (9.15%)

Since we now know that New Jersey has the highest property tax rates in the United States, you may be curious to know how your Property Tax Rates compare to the rest of the state.  Here is the full list of every NJ Municipality's Property Taxes: