Overview of New Jersey Tax in 2024
In 2024, sales tax rates may change in New Jersey. Sales tax exemptions may also continue to expand on groceries. New Jersey income tax forms are generally published at the end of each calendar year. This includes legislative changes to the NJ tax brackets. The standard deduction for married couples filing jointly will increase to $27,700 in 2024. The new annual exclusion for gifts is increasing to $18,000 in 2024. Even more than 2024, 2025 will be crucial time for tax policy.
Sales Tax Rate in NJ in 2024
The sales tax rate in NJ in 2024 is 6.625%. Sales tax returns can be downloaded from the New Jersey Division of Revenue.
Understanding NJ Sales Tax
NJ exempts necessities like unprepared food, clothing, and prescription drugs from sales tax. The statewide rate is consistent with no county taxes. It’s been reduced recently from 6.875% in 2017 to 6.625% in 2018. Use the sales tax calculator to determine the total price including tax. Understanding the intricacies of NJ sales tax can help achieve real estate investment success.