Tax Freedom Day – Very Late in NJ

Garden Staters On the Hook Until May 1 – By Greg Kelly

Tax Freedom Day—that theoretical day when you stop making money to pay taxes and start earning money for yourself—will be very late for we New Jersey taxpayers. What a surprise!taxman

This year, according to the Tax Foundation, Americans will stop working to pay federal, state, and local taxes on April 17. But that date is a national average. Each state has its own Tax Freedom Day, and of course, New Jersey comes out lousy. We in the Garden State are second to last for tax freedom—we’ll get nailed until May 1 this year.

Because of modest incomes and low state and local tax burdens, Tennessee, Louisiana, and Mississippi celebrated Tax Freedom Day earliest on March 31 and April 1. Connecticut celebrates last on May 5; New York is also May 1.

We Americans will work well over three months of the year for the government, according to Tax Foundation calculations, and will pay more taxes in 2012 than we spend on food, clothing and shelter combined.

Five major categories dominate the tax burden. Individual income taxes—including federal, state and local—require 40 days’ work. Payroll taxes take another 23 days’ work. Sales and excise taxes, mostly state and local, take 12 days to pay off. Property taxes take 12 days, and corporate income taxes take 9.

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The power to tax is the power to destroy.” —John Marshall

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FYIMonmouth Property Taxes

According to the Asbury Park Press Data Universe, here are how some Monmouth County towns fared in average property tax bills bill last year:

Highest: Loch Arbor ($22,718) Rumson ($17,322) Deal ($16,169) Colts Neck ($13,385) Fair Haven ($12,782)

Lowest: Asbury Park ($4,439) Shrewsbury Twp. ($4,633) Keansburg ($4,717) Farmingdale ($5,320) Spring Lake Heights ($5,600)

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About Maria Paulina Pagano

As a Realtor for the last twenty years and a Monmouth County resident for twenty-four years, I have accumulated extensive and invaluable knowledge of the Real Estate Market and Market Trends. Member of Ocean, Monmouth, & Middlesex MLS.
This entry was posted in Community, Home Buying, Home Selling, Homeownership, Market Conditions, Monmouth County, Uncategorized. Bookmark the permalink.

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