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LOCAL TAX INFORMATION + DATA

FAST FACTS

  • Union County has the 3rd highest tax burden by county in New Jersey and the 7th highest in the nation

  • Summit pays the most county taxes on average (per household) among all county municipalities and is the second largest taxpayer in the county

  • Millions of dollars continue to be collected under the Open Space Tax to fund the Open Space Trust Fund even though the county has essentially stopped purchasing open space (just over 2 acres have been purchased since 2011 and Open Space Trust Fund proceeds are now being spent on maintenance of non-Trust Fund projects)

  • Union County has roughly the same number of residents as Morris County but collects $120M more in taxes (~$350M in Union vs ~$230M in Morris)

  • As a state, New Jersey has the highest property taxes (as a percentage of income) in the nation

  • New Jersey was ranked the state with the worst business tax climate by the Tax Foundation

  • New Jersey is one of just two states in the country that has both an Inheritance Tax and an Estate Tax

  • On average, a state spends $0.40 in tax benefits and other incentives for every $1.00 of investment it attracts, but from 2010-2016 New Jersey spent $1.80 for every $1.00 of investment¬†