The tax brackets reported are for single individuals for tax year beginning Jan. 1, 2001. Residents may obtain a downloadable Form NJ-1040 for reference only from the New Jersey Division of Taxation. This program allows New Jersey households that receive a federal earned income tax credit to take a refundable New Jersey tax credit. Benefits under the New Jersey Earned Income Tax Credit Program are being phased in over a four-year period. The amount of the New Jersey credit for tax year 2000 will be equal to 10 percent of the taxpayer's federal earned income credit.
All retail sales are taxable unless specifically exempt by law.
The law exempts most food items for at-home preparation, clothing, footwear, disposable paper products for use in the home and medicines. In 1999, tax rates on primary residential property in New Jersey ranged from 0.900 to 93.14. The assessed valuation of real property is based on 100 percent of the fair market value. The median tax rate for residential property in the State of New Jersey is 2.68. An individual's property taxes are then calculated by multiplying that general tax rate by the assessed value of his particular property.