Taxes in Franklin Township, New Jersey
Complete tax guide for Franklin Township, NJ. State income tax up to 8.97%, 2.35% property tax, 7.52% sales tax. Calculate your total tax burden.
State Income Tax
8.97%
New Jersey
Property Tax
2.35%
Effective rate
Sales Tax
7.52%
Combined rate
Tax Burden
Very High
Franklin Township, NJ Tax Overview
Population
67,698
Median Income
$76,500
Cost of Living
130.6 (100 = avg)
State Income Tax
8.97%
Median Home Price
$454,000
Franklin Township Tax Calculator
Pre-filled with Franklin Township median: $76,500
Total Tax Burden in Franklin Township
$21,158
Take-Home: $55,342 · Effective Rate: 27.66%
Federal Tax
$8,444
11.04% eff.
NJ State
$6,862
8.97% eff.
FICA
$5,852
7.65% eff.
Take-Home
$55,342
72.34% kept
Tax Breakdown
| Item | Annual | Monthly |
|---|---|---|
| Gross Income | $76,500.00 | $6,375.00 |
| Federal Income Tax | -$8,444.00 | -$703.67 |
| New Jersey State Tax | -$6,862.05 | -$571.84 |
| Social Security (6.2%) | -$4,743.00 | -$395.25 |
| Medicare (1.45%) | -$1,109.25 | -$92.44 |
| Take-Home Pay | $55,341.70 | $4,611.81 |
Property Tax in Franklin Township
Median Home
$454,000
Annual Tax
$10,669
Monthly Tax
$889
Effective Rate
2.35%
Sales Tax in Franklin Township
Combined Rate
7.52%
State Portion
~5.0%
Local Portion
~2.5%
The combined sales tax rate in Franklin Township is 7.52%, which is above the national average of 7.12%. On a $100 purchase, you would pay $7.52 in sales tax.
Tax Burden Comparison
| Tax Type | Franklin Township | New Jersey Avg | National Avg |
|---|---|---|---|
| Income Tax | 8.97% | 8.97% | 4.6% |
| Property Tax | 2.35% | ~2.35% | 1.1% |
| Sales Tax | 7.52% | ~7.52% | 7.12% |
| Overall Burden | Very High | — | Moderate |
Tax Saving Tips for Franklin Township Residents
- New Jersey's income tax rate of 8.97% is above average. Maximize pre-tax retirement contributions (401k up to $23,500, IRA up to $7,000) to reduce both federal and state taxable income.
- Property tax in Franklin Township (2.35%) is above the national average. Check if you qualify for homestead exemptions or assessment appeals to reduce your property tax bill.
- Use a Health Savings Account (HSA) if eligible. Contributions are tax-deductible ($4,300 individual, $8,550 family), growth is tax-free, and withdrawals for medical expenses are tax-free.
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See detailed state tax brackets, FICA breakdown, and compare to neighboring states.
Frequently Asked Questions
What are the tax rates in Franklin Township, NJ?
Franklin Township, New Jersey has a state income tax rate up to 8.97%. The property tax rate is 2.35% and the combined sales tax rate is 7.52%.
How much is property tax in Franklin Township?
The effective property tax rate in Franklin Township is 2.35%. On the median home price of $454,000, this equals approximately $10,669 per year or $889 per month. This is above the national average of 1.1%.
What is the sales tax rate in Franklin Township?
The combined sales tax rate in Franklin Township is 7.52%, which includes both state and local components. This is above the national average combined rate of approximately 7.12%.
How does Franklin Township's tax burden compare to other cities?
Franklin Township has a very high overall tax burden. The effective total tax rate for a median-income household is approximately 40.4%. The combination of 8.97% state income tax, 2.35% property tax, and 7.52% sales tax determines the total burden. Cost of living index is 130.6 (100 = national average).
Are there any local taxes in Franklin Township?
Franklin Township does not impose a separate local or city income tax. Residents pay the state income tax of 8.97%, federal income tax, and FICA (Social Security and Medicare).