Most & Least Taxing States 2012

By Bloomberg BNA - 2012-04-13T16:45:59Z

Photograph by Bloomberg

Company Symbol % Change
31 of 53

New Jersey

Income tax: 8.97%
State sales tax: 7%
Property tax per capita: $2,625
Inheritance tax: See note*
Estate tax: Variable tax rates with a $675,000 exemption

New Jersey joins Maryland as the only jurisdictions that impose both an inheritance tax and an estate tax. Regularly listed as a state with one of the highest tax burdens, New Jersey is cited by the Tax Foundation as having the country's highest property tax per capita.

*Transfer to a spouse, lineal descendant or charitable organization is tax-free; transfer to children-in-law is taxed at 11 percent to 16 percent; all other transfers are taxed at 15 percent to 16 percent.