New Jersey vs New Mexico Taxes: Income, Property & Sales

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

New Jersey vs New Mexico Income Tax Comparison

	New Jersey	New Mexico
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+	1.70%: $0-$5,500 3.20%: $5,501-$11,000 4.70%: $11,001-$16,000 4.90%: $16,001-$210,000 5.90%: $210,001+
Median Income	$92,340	$56,420
Income Tax Paid On Median Household Income	$16,776	$7,031
Income After Tax Based on Median Household Income	$75,564	$49,389

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New Jersey vs New Mexico Property Tax Comparison

	New Jersey	New Mexico
Average Property Tax Rate	1.79%	0.60%
Average House Price By State	$500,717	$293,766
Average Property Tax Owed Per Year	$8,963	$1,763
Income After Income Taxes & Property Taxes Based On Median State Household Income	$66,601	$47,626

New Jersey vs New Mexico Sales Tax Comparison

	New Jersey	New Mexico
Average State Sales Tax	6.63%	5.13%
Average Local Sales Tax Across the State	-0.03%	2.71%
Average Combined Sales Tax Rate	6.60%	7.84%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$4,124	$3,462
Maximum Disposable Income Based on Median Household Income	$62,478	$44,164

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

	New Jersey	New Mexico
Income Tax Owed	$3,723	$4,086
After Tax Income	$36,277	$35,914
Income After Income & Property Tax	$27,314	$34,151
Maximum Disposable Income After Income, Property & Sales Taxes	$25,623	$31,669

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

	New Jersey	New Mexico
Income Tax Owed	$7,736	$7,994
After Tax Income	$52,264	$52,006
Income After Income & Property Tax	$43,301	$50,243
Maximum Disposable Income After Income, Property & Sales Taxes	$40,620	$46,591

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

	New Jersey	New Mexico
Income Tax Owed	$13,276	$13,374
After Tax Income	$66,724	$66,626
Income After Income & Property Tax	$57,761	$64,863
Maximum Disposable Income After Income, Property & Sales Taxes	$54,185	$60,148

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

	New Jersey	New Mexico
Income Tax Owed	$18,950	$18,754
After Tax Income	$81,050	$81,246
Income After Income & Property Tax	$72,087	$79,483
Maximum Disposable Income After Income, Property & Sales Taxes	$67,624	$73,705

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

	New Jersey	New Mexico
Income Tax Owed	$11,121	$11,704
After Tax Income	$88,879	$88,296
Income After Income & Property Tax	$79,916	$86,533
Maximum Disposable Income After Income, Property & Sales Taxes	$74,968	$80,242

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

	New Jersey	New Mexico
Income Tax Owed	$23,941	$24,209
After Tax Income	$126,059	$125,791
Income After Income & Property Tax	$117,096	$124,028
Maximum Disposable Income After Income, Property & Sales Taxes	$109,846	$115,012

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

	New Jersey	New Mexico
Income Tax Owed	$38,109	$37,659
After Tax Income	$161,891	$162,341
Income After Income & Property Tax	$152,928	$160,578
Maximum Disposable Income After Income, Property & Sales Taxes	$143,460	$148,904

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

	New Jersey	New Mexico
Income Tax Owed	$53,213	$52,028
After Tax Income	$196,787	$197,972
Income After Income & Property Tax	$187,824	$196,209
Maximum Disposable Income After Income, Property & Sales Taxes	$176,195	$181,945

FAQ

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

• 1.70%: $0-$5,500
• 3.20%: $5,501-$11,000
• 4.70%: $11,001-$16,000
• 4.90%: $16,001-$210,000
• 5.90%: $210,001+

Does New Jersey or New Mexico have lower property taxes?

New Jersey has an average property tax rate of 1.79%

In comparison, New Mexico has an average property tax rate of 0.60%

Does New Jersey or New Mexico 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, New Mexico has a state sales tax rate of 5.13% and an average local rate of 2.71% for a combined total rate of 7.84%.

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

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, New Mexico gives you $44,164.

More Comparisons:

New Jersey vs Nebraska
New Jersey vs Idaho
New Jersey vs West Virginia
New Jersey vs Hawaii
New Jersey vs New Hampshire


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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/