Not all tax news in New Jersey is negative, particularly when it comes to tax returns to the Garden State.
In New Jersey, paying taxes usually means taking money out of your pocket, but that’s not always the case.
A Good New Tax in New Jersey?
Contrary to what you might have initially believed, New Jersey is closer to the top of the list of states with the biggest tax refunds.
It should come as no surprise that the majority of people in New Jersey associate taxes with bad things, but a new study suggests that this pattern may be shifting.
In terms of states having the largest average tax refunds in the United States, New Jersey comes in at number 14.
Surprisingly, New Jersey is Closer to The Top Spot Than You May Imagine
The data shows that New Jersey’s average tax return for 2022 was $1595.18, which is around $200 less than the refund received by the state that placed first.
It may surprise you to learn that the difference between the best state, Florida, with an average tax return of $1793.80, and the worst state, Oregon ($1328.82), is not as great.
Recall that you are not receiving this money from the government. It’s merely the amount of taxes you overpaid that year, so states with smaller refunds may just have more competent accountants.
While not all financial advisors may share this viewpoint, there are many who view the tax refund as a kind of bank account that magically materializes after tax season. Either way, receiving a sizable refund is undoubtedly a satisfying sensation.