NJ Among Worst In Nation For Tax Rate, New Study Says
March 6, 2023 | patch.com
Residents may not be surprised that the Garden State ranks low on a national list of tax rates, and leads the nation in how much real estate taxes homeowners pay.
The ranking from financial analysts with WalletHub, coming more than a month before Tax Day 2023, takes into account state and local taxes, as well as various types of taxes, ranging from income tax to real estate and excise taxes.
New Jersey came in at 43rd overall on the list, which included all 50 states and the District of Columbia.
NJ SEED: NJ has long been a state where residents shoulder tax rates that are among the highest in the nation. Perhaps that contributes to the continuing population exodus. Residents of high tax states tend to relocate to states with lower taxes.