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How important is the general sales tax to your state… more or less important as compared to the average of all states? More or less important as compared to the 6 states we’ve looked at?
Although there are 5…
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Assignment 1
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Download file to see previous pages New Jersey average sales tax plays a minimal significance as compared to the other states as 0.0% indicates lack of local government participation in collecting sales taxes. However, the value of 0.0% in average sales tax at the local level is also important in that it shows business are exempted from sales tax. Additionally, when considering the state level average sales tax, it is shown that New Jersey is ranked 1st with 14.1% rate. This makes New Jersey very important in contributing to the national sales taxes.
Question 2: Look at the local property tax proportion. How important is the property tax to the cities and counties in your state… more or less important as compared to the average of all states? More or less important as compared to the 6 states we’ve looked at?
New Jersey has proportional property tax of 55.1% as compared to the other states that do not exceed the 30% mark on the sale while it is more than twice the national average of 26%. To the cities and counties within New Jersey, a 55.1% property sale proportion provides the maintenance of the cities and the county amenities and infrastructure. However, the high property tax at the local level indicates high rental rates or high acquisition of real estate establishment. In addition, the state level averages display an abnormal comparison when compared to the national average. The national average is 26.8% against the local level of 55.1%. In conclusion, the vast acquisition of property in New Jersey contributes the high rate of property tax at the local level.
Question 3: Look at the spending on education at both the state and local levels for your state. Including both state and local levels of spending, consider the differences between your state and the national averages, and answer the following question: is your state, taking into account both state and local levels of spending, nearer the top or nearer ...Download file to see next pagesRead More
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