Taxes in Mount Laurel, New Jersey
Complete tax guide for Mount Laurel, NJ. State income tax up to 8.97%, 2.31% property tax, 8.75% sales tax. Calculate your total tax burden.
State Income Tax
8.97%
New Jersey
Property Tax
2.31%
Effective rate
Sales Tax
8.75%
Combined rate
Tax Burden
Very High
Mount Laurel, NJ Tax Overview
Population
41,864
Median Income
$73,900
Cost of Living
122.4 (100 = avg)
State Income Tax
8.97%
Median Home Price
$397,000
Mount Laurel Tax Calculator
Pre-filled with Mount Laurel median: $73,900
Total Tax Burden in Mount Laurel
$20,154
Take-Home: $53,746 · Effective Rate: 27.27%
Federal Tax
$7,872
10.65% eff.
NJ State
$6,629
8.97% eff.
FICA
$5,653
7.65% eff.
Take-Home
$53,746
72.73% kept
Tax Breakdown
| Item | Annual | Monthly |
|---|---|---|
| Gross Income | $73,900.00 | $6,158.33 |
| Federal Income Tax | -$7,872.00 | -$656.00 |
| New Jersey State Tax | -$6,628.83 | -$552.40 |
| Social Security (6.2%) | -$4,581.80 | -$381.82 |
| Medicare (1.45%) | -$1,071.55 | -$89.30 |
| Take-Home Pay | $53,745.82 | $4,478.82 |
Property Tax in Mount Laurel
Median Home
$397,000
Annual Tax
$9,171
Monthly Tax
$764
Effective Rate
2.31%
Sales Tax in Mount Laurel
Combined Rate
8.75%
State Portion
~6.3%
Local Portion
~2.5%
The combined sales tax rate in Mount Laurel is 8.75%, which is above the national average of 7.12%. On a $100 purchase, you would pay $8.75 in sales tax.
Tax Burden Comparison
| Tax Type | Mount Laurel | New Jersey Avg | National Avg |
|---|---|---|---|
| Income Tax | 8.97% | 8.97% | 4.6% |
| Property Tax | 2.31% | ~2.31% | 1.1% |
| Sales Tax | 8.75% | ~8.75% | 7.12% |
| Overall Burden | Very High | — | Moderate |
Tax Saving Tips for Mount Laurel 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 Mount Laurel (2.31%) is above the national average. Check if you qualify for homestead exemptions or assessment appeals to reduce your property tax bill.
- The combined sales tax rate of 8.75% is relatively high. Consider making large purchases in lower-tax jurisdictions or online retailers that do not charge local tax rates.
- 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 Mount Laurel, NJ?
Mount Laurel, New Jersey has a state income tax rate up to 8.97%. The property tax rate is 2.31% and the combined sales tax rate is 8.75%.
How much is property tax in Mount Laurel?
The effective property tax rate in Mount Laurel is 2.31%. On the median home price of $397,000, this equals approximately $9,171 per year or $764 per month. This is above the national average of 1.1%.
What is the sales tax rate in Mount Laurel?
The combined sales tax rate in Mount Laurel is 8.75%, which includes both state and local components. This is above the national average combined rate of approximately 7.12%.
How does Mount Laurel's tax burden compare to other cities?
Mount Laurel has a very high overall tax burden. The effective total tax rate for a median-income household is approximately 39.3%. The combination of 8.97% state income tax, 2.31% property tax, and 8.75% sales tax determines the total burden. Cost of living index is 122.4 (100 = national average).
Are there any local taxes in Mount Laurel?
Mount Laurel 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).