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Here are the most tax-friendly places for retirees in NJ, according to SmartAsset

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SmartAsset, a financial technology company, released its third annual study on the most tax friendly places for retirees. A more focused look at residents in the Garden State revealed New Jersey’s tax system could be good – or bad, depending on your financial situation.

According to SmartAsset, New Jersey’s income tax system is relatively friendly for retirees. New Jersey provides significant deductions for retirees with low- to moderately-high earnings, SmartAsset said.

The study ranks locations on a Retirement Tax Friendliness Index, which takes into account property, income, fuel, sales and Social Security Tax Data.

The table below are the Top 10 New Jersey cities for retirement tax friendliness:

10. Madison

Income Tax Paid: $5,412
Property Tax Rate: 1.51%
Sales Tax Paid: $1,073
Fuel Tax Paid: $314
Social Security Taxed? No.
Retirement Tax Friendliness Index: 56.99

9. Margate City

Income Tax Paid: $5,412
Property Tax Rate: 1.35%
Sales Tax Paid: $1,073
Fuel Tax Paid: 390$
Social Security Taxed? No.
Retirement Tax Friendliness Index: 57.22

8. Paramus

Income Tax Paid: $5,412
Property Tax Rate: 1.47%
Sales Tax Paid: $1,073
Fuel Tax Paid: $323
Social Security Taxed? No.
Retirement Tax Friendliness Index: 57.24

7. Florham Park

Income Tax Paid: $5,412
Property Tax Rate: 1.42%
Sales Tax Paid: $1,073
Fuel Tax Paid: $341
Social Security Taxed? No.
Retirement Tax Friendliness Index: 57.45

6. Belmar

Income Tax Paid: $5,412
Property Tax Rate: 1.30%
Sales Tax Paid: $1,073
Fuel Tax Paid: $400
Social Security Taxed? No.
Retirement Tax Friendliness Index: 57.51

5. Manasquan

Income Tax Paid: $5,412
Property Tax Rate: 1.33%
Sales Tax Paid: $1,073
Fuel Tax Paid: $378
Social Security Taxed? No.
Retirement Tax Friendliness Index: 57.64

4. Hoboken

Income Tax Paid: $5,412
Property Tax Rate: 1.46%
Sales Tax Paid: $1,073
Fuel Tax Paid: $175
Social Security Taxed? No.
Retirement Tax Friendliness Index: 60.82

3. Edgewater

Income Tax Paid: $5,412
Property Tax Rate: 1.35%
Sales Tax Paid: $1,073
Fuel Tax Paid: $230
Social Security Taxed? No.
Retirement Tax Friendliness Index: 60.90

2. Englewood Cliffs

Income Tax Paid: $5,412
Property Tax Rate: 0.96%
Sales Tax Paid: $1,073
Fuel Tax Paid: $267
Social Security Taxed? No.
Retirement Tax Friendliness Index: 64.69

1. Ocean City

Income Tax Paid: $5,412
Property Tax Rate: 0.79%
Sales Tax Paid: $1,073
Fuel Tax Paid: $299
Social Security Taxed? No.
Retirement Tax Friendliness Index: 65.94

To get a more detailed look at the tax friendliness of New Jersey, click here.

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Emily Bader

Emily Bader


Emily Bader is the Web Editor and Social Media Coordinator at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com.

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Comments

Katon November 30, 2017 4:56 pm

I don't understand. The income tax, sales tax, fuel tax and Social Security tax is the same throughout New Jersey. So what are we comparing? Property tax rates?

Bob November 29, 2017 2:50 pm

Pennsylvania is the safest place for overtaxed New Jerseyians

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