Today is a day of celebration for New Jersey residents, but for all the wrong reasons.

Property taxes (claudiodivizia, ThinkStock)

After crunching the numbers, the Tax Foundation has determined today marks Tax Freedom Day in the Garden State -- the day when many New Jersey residents have finally earned enough money to pay all of their taxes for the year.

New Jersey and Connecticut have the latest Tax Freedom days of any state in the nation.

"This tells us New Jersey residents pay a lot to the federal government, New Jersey is a higher income state, but also New Jersey is a high tax state at the state and local level, especially property taxes," said Kyle Pomerleau, a Tax Foundation economist. "Corporate taxes are also pretty high in New Jersey, New Jersey also has the high individual income taxes and sales taxes, all those things combine to boost New Jersey's tax freedom day much later than the average state."

Pomerleau also said out  some states, including New Jersey, try to hide tax increases, by calling them fees instead of taxes. He said for the survey, New Jersey's state tax burden was calculated by looking at what residents pay to the state, as well as what New Jersey residents pay to other states, through either sales taxes or corporate taxes, through the purchase of products from companies out of state.

According to Pomerleau, this year, Americans will pay $3.28 trillion in federal taxes and $1.57 trillion in state and local taxes, for a total tax bill of $4.85 trillion, or 31 percent of national income.