Most & Least Taxing States 2013

By Rebecca Helmes of Bloomberg BNA - 2013-04-19T17:41:14Z

Photograph by Mark Wilson/Getty Images

Company Symbol % Change
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New Jersey

Top income tax rate: 8.97%
Sales tax: 7%
Property tax per capita: $2,819
Inheritance tax: See note*
Estate tax: 0.8% to 16% with a $675,000 exemption

New Jersey residents have been rebuilding after Hurricane Sandy, but federal spending cuts from Congress’s sequestration could block as much as $2.5 billion in relief for the region affected by the storm. However, the state treasury can expect a marked increase in sales tax revenue starting July 1, when Amazon will start collecting sales tax on purchases by New Jersey customers. Residents who place bets at home, at work or anywhere else with an Internet connection could add more than $200 million to the state’s coffers, thanks to New Jersey’s new online gambling law.

*Transfer to a spouse, domestic partner, 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.

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