New Jersey vs Colorado Taxes: Income, Property & Sales

Does New Jersey or Colorado have lower taxes? We answer that in a variety of ways below:

New Jersey vs Colorado Income Tax Comparison

	New Jersey	Colorado
Income Tax Rates & Thresholds	1.40%: $0-$20,000 1.75%: $20,001-$35,000 3.50%: $35,001-$40,000 5.53%: $40,001-$75,000 6.37%: $75,001-$500,000 8.97%: $500,001-$1,000,000 10.75%: $1,000,001+	4.40%
Median Income	$92,340	$89,930
Income Tax Paid On Median Household Income	$16,776	$16,055
Income After Tax Based on Median Household Income	$75,564	$73,875

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New Jersey vs Colorado Property Tax Comparison

	New Jersey	Colorado
Average Property Tax Rate	1.79%	0.40%
Average House Price By State	$500,717	$555,300
Average Property Tax Owed Per Year	$8,963	$2,221
Income After Income Taxes & Property Taxes Based On Median State Household Income	$66,601	$71,654

New Jersey vs Colorado Sales Tax Comparison

	New Jersey	Colorado
Average State Sales Tax	6.63%	2.90%
Average Local Sales Tax Across the State	-0.03%	4.87%
Average Combined Sales Tax Rate	6.60%	7.77%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$4,124	$5,166
Maximum Disposable Income Based on Median Household Income	$62,478	$66,488

After Tax Comparison Earning $40,000 Per Year Filing As Single

	New Jersey	Colorado
Income Tax Owed	$3,723	$4,271
After Tax Income	$36,277	$35,729
Income After Income & Property Tax	$27,314	$33,508
Maximum Disposable Income After Income, Property & Sales Taxes	$25,623	$31,092

After Tax Comparison Earning $60,000 Per Year Filing As Single

	New Jersey	Colorado
Income Tax Owed	$7,736	$8,109
After Tax Income	$52,264	$51,891
Income After Income & Property Tax	$43,301	$49,670
Maximum Disposable Income After Income, Property & Sales Taxes	$40,620	$46,089

After Tax Comparison Earning $80,000 Per Year Filing As Single

	New Jersey	Colorado
Income Tax Owed	$13,276	$13,419
After Tax Income	$66,724	$66,581
Income After Income & Property Tax	$57,761	$64,360
Maximum Disposable Income After Income, Property & Sales Taxes	$54,185	$59,720

After Tax Comparison Earning $100,000 Per Year Filing As Single

	New Jersey	Colorado
Income Tax Owed	$18,950	$18,729
After Tax Income	$81,050	$81,271
Income After Income & Property Tax	$72,087	$79,050
Maximum Disposable Income After Income, Property & Sales Taxes	$67,624	$73,350

After Tax Comparison Earning $100,000 Per Year Filing As Married Filing Jointly

	New Jersey	Colorado
Income Tax Owed	$11,121	$11,852
After Tax Income	$88,879	$88,148
Income After Income & Property Tax	$79,916	$85,927
Maximum Disposable Income After Income, Property & Sales Taxes	$74,968	$79,732

After Tax Comparison Earning $150,000 Per Year Filing As Married Filing Jointly

	New Jersey	Colorado
Income Tax Owed	$23,941	$24,182
After Tax Income	$126,059	$125,818
Income After Income & Property Tax	$117,096	$123,597
Maximum Disposable Income After Income, Property & Sales Taxes	$109,846	$114,686

After Tax Comparison Earning $200,000 Per Year Filing As Married Filing Jointly

	New Jersey	Colorado
Income Tax Owed	$38,109	$37,457
After Tax Income	$161,891	$162,543
Income After Income & Property Tax	$152,928	$160,322
Maximum Disposable Income After Income, Property & Sales Taxes	$143,460	$148,763

After Tax Comparison Earning $250,000 Per Year Filing As Married Filing Jointly

	New Jersey	Colorado
Income Tax Owed	$53,213	$51,651
After Tax Income	$196,787	$198,349
Income After Income & Property Tax	$187,824	$196,128
Maximum Disposable Income After Income, Property & Sales Taxes	$176,195	$181,987

FAQ

Does New Jersey or Colorado have lower income taxes?

New Jersey’s income tax falls into the following range:

1.40%: $0-$20,000

1.75%: $20,001-$35,000

3.50%: $35,001-$40,000

5.53%: $40,001-$75,000

6.37%: $75,001-$500,000

8.97%: $500,001-$1,000,000

10.75%: $1,000,001+

Whereas Colorado’s income tax is the following 4.40%

Does New Jersey or Colorado have lower property taxes?

New Jersey has an average property tax rate of 1.79%

In comparison, Colorado has an average property tax rate of 0.40%

Does New Jersey or Colorado have lower sales taxes?

New Jersey has a state sales tax rate of 6.63% and an average local rate of -0.03% for a combined total rate of 6.60%.

In contrast, Colorado has a state sales tax rate of 2.90% and an average local rate of 4.87% for a combined total rate of 7.77%.

Do you get to keep more money in New Jersey or Colorado?

Based on median household income after income, property and sales taxes New Jersey gives you a maximum amount of disposable income of $62,478

In comparison, Colorado gives you $66,488.

More Comparisons:

New Jersey vs Minnesota
New Jersey vs South Carolina
New Jersey vs Alabama
New Jersey vs Louisiana
New Jersey vs Kentucky


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Sources:

https://en.wikipedia.org/wiki/State_income_tax#Rates_by_jurisdiction

https://www.bankrate.com/real-estate/property-tax-by-state/#by-state

https://fred.stlouisfed.org/release/tables?eid=259515&rid=249

https://www.fool.com/the-ascent/research/average-house-price-state/

https://taxfoundation.org/data/all/state/2022-sales-taxes/

https://www.forbes.com/advisor/income-tax-calculator/