Leaving New Jersey? Big Joe asks you to rethink
There are many people contemplating or have made the decision to move out of New Jersey. Most say that they are tired of the tax burden that they have to carry. “Taxes are way too high” is a phrase echoed so much here in New Jersey it could become the official state slogan.
I get it, there’s no question that New Jersey has the highest property taxes in the country. If you pair that with the average home value at $335,000 you’ll be paying close to $9,000 a year in taxes. That’s big.
Just for a minute let’s take a look at other taxes that are assessed in other states as compared to here in Jersey. Over half of the states here in the U.S. have vehicle property taxes, meaning you're paying taxes every year on a car valued at $25,000. In Mississippi, Virginia and Rhode Island you‘ll be paying close to $1,000 a year in vehicle tax. This can add up. You’re not paying that tax here in New Jersey.
Take the Individual Income Tax Burden, New Jersey ranks 20th with a 2.47% as opposed to New York, which has the highest at 4.96%. Did you know that New Jersey ranks 43rd in Total Sales and Excise Tax Burden at 2.57% as opposed to the worst state which is Hawaii coming in at a large 6.60%?
When you look at the Overall Tax Burden by state, New Jersey isn’t in the top five, it ranks seventh throughout the country and that includes counting the worst property taxes. There are seven states behind New Jersey with less than a one percentage point difference. So yes, the property taxes are bad but when you look at the total tax burden it’s not as bad as projected.
Before you leave New Jersey think about all the great resources, events and venues that New Jersey has to offer.
I have many dislocated New Jerseyans who still listen to my radio show through our app just because they miss New Jersey. They miss the Parkway and the Turnpike, which are two of the nation’s major highways that are well kept.
They miss the ocean and our beaches.
They miss the proximity of being nestled between two of the country’s biggest cities Philadelphia and New York.
They miss the unequaled sound and power of New Jersey music and it’s concerts.
They miss the neighborhoods, pizza and bagels, the parks, Atlantic City and mostly they miss the Jersey attitude, the "I Got Your Back Attitude” that separates Jersey from any other state in the country.
So my suggestion is that you take a long hard look and weigh all the factors before you leave. You may be surprised that the grass isn’t as green as you think on the other side.
Oh, and if you leave, I’ll miss you.