Hide Your Wallet New Jersey! Could More Tax Increases Be Looming?

Just what we don't want to hear, here in New Jersey! The possibility of tax increases here in the Garden State. According to Belonghome.com, "New Jersey has the highest property tax rate at 2.47%, followed by Illinois, Connecticut, New Hampshire, and Vermont. There are 14 counties with an estimated median property tax above $10,000 across California, New York, New Jersey and Virginia."

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According to a report from NJ.com, "A fare increase on bus and train tickets may not be the only hike on the table in New Jersey. Governor Phil Murphy is also weighing whether to raise one or a combination of the state’s sales, corporate business, and gas taxes as they prepare for what’s expected to be a tough state budget."

So obviously this is news that probably doesn't come with a lot of excitement because most folks in Jersey feel they already have lots of taxes, but with a tough budget forecast that means money will be needed obviously.

According to the Tax Foundation, "New Jersey has a 6.5 percent to 11.5 percent corporate income tax rate. New Jersey has a 6.625 percent state sales tax rate, a max local sales tax rate of 3.313 percent, and an average combined state and local sales tax rate of 6.60 percent."

In a recent NJ.com article, "Talks so far are in their infant stages and one or more of the ideas could be jettisoned, sources said, but increases could help cover NJ Transit’s shortfall, as well as help fill gaps and maintain a surplus in the state budget. This comes about two weeks after Murphy promised in his latest State of the State address that he will continue a push to “make life more affordable for all families” in New Jersey."