New Jersey vs Minnesota Taxes: Income, Property & Sales

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

New Jersey vs Minnesota Income Tax Comparison

	New Jersey	Minnesota
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+	5.35%: $0-$28,080 6.80%: $28,081-$92,230 7.85%: $92,231-$171,220 9.85%: $171,221+
Median Income	$92,340	$90,390
Income Tax Paid On Median Household Income	$16,776	$17,516
Income After Tax Based on Median Household Income	$75,564	$72,874

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New Jersey vs Minnesota Property Tax Comparison

	New Jersey	Minnesota
Average Property Tax Rate	1.79%	0.90%
Average House Price By State	$500,717	$336,279
Average Property Tax Owed Per Year	$8,963	$3,027
Income After Income Taxes & Property Taxes Based On Median State Household Income	$66,601	$69,847

New Jersey vs Minnesota Sales Tax Comparison

	New Jersey	Minnesota
Average State Sales Tax	6.63%	6.88%
Average Local Sales Tax Across the State	-0.03%	0.61%
Average Combined Sales Tax Rate	6.60%	7.49%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$4,124	$4,867
Maximum Disposable Income Based on Median Household Income	$62,478	$64,980

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

	New Jersey	Minnesota
Income Tax Owed	$3,723	$4,490
After Tax Income	$36,277	$35,510
Income After Income & Property Tax	$27,314	$32,483
Maximum Disposable Income After Income, Property & Sales Taxes	$25,623	$30,220

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

	New Jersey	Minnesota
Income Tax Owed	$7,736	$8,763
After Tax Income	$52,264	$51,237
Income After Income & Property Tax	$43,301	$48,210
Maximum Disposable Income After Income, Property & Sales Taxes	$40,620	$44,851

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

	New Jersey	Minnesota
Income Tax Owed	$13,276	$14,523
After Tax Income	$66,724	$65,477
Income After Income & Property Tax	$57,761	$62,450
Maximum Disposable Income After Income, Property & Sales Taxes	$54,185	$58,099

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

	New Jersey	Minnesota
Income Tax Owed	$18,950	$20,283
After Tax Income	$81,050	$79,717
Income After Income & Property Tax	$72,087	$76,690
Maximum Disposable Income After Income, Property & Sales Taxes	$67,624	$71,347

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

	New Jersey	Minnesota
Income Tax Owed	$11,121	$12,931
After Tax Income	$88,879	$87,069
Income After Income & Property Tax	$79,916	$84,042
Maximum Disposable Income After Income, Property & Sales Taxes	$74,968	$78,186

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

	New Jersey	Minnesota
Income Tax Owed	$23,941	$26,386
After Tax Income	$126,059	$123,614
Income After Income & Property Tax	$117,096	$120,587
Maximum Disposable Income After Income, Property & Sales Taxes	$109,846	$112,185

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

	New Jersey	Minnesota
Income Tax Owed	$38,109	$40,903
After Tax Income	$161,891	$159,097
Income After Income & Property Tax	$152,928	$156,070
Maximum Disposable Income After Income, Property & Sales Taxes	$143,460	$145,195

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

	New Jersey	Minnesota
Income Tax Owed	$53,213	$56,747
After Tax Income	$196,787	$193,253
Income After Income & Property Tax	$187,824	$190,226
Maximum Disposable Income After Income, Property & Sales Taxes	$176,195	$176,971

FAQ

Does New Jersey or Minnesota 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 Minnesota’s income tax is the following

• 5.35%: $0-$28,080
• 6.80%: $28,081-$92,230
• 7.85%: $92,231-$171,220
• 9.85%: $171,221+

Does New Jersey or Minnesota have lower property taxes?

New Jersey has an average property tax rate of 1.79%

In comparison, Minnesota has an average property tax rate of 0.90%

Does New Jersey or Minnesota 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, Minnesota has a state sales tax rate of 6.88% and an average local rate of 0.61% for a combined total rate of 7.49%.

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

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, Minnesota gives you $64,980.

More Comparisons:

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


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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/