TAXES

One thing most individuals as well as corporate entities would agree on is that the world would be a better place if taxes could be disposed of completely.

Or would it?

Taxes are absolutely necessary if government is to fulfill its mission of providing the services that all of us need in common. Sanitation, safety, schools, transportation, and other public services are essentials that we take for granted in the conduct of our daily lives.

The good news is all of these services are available in Jersey City. The bad news is there are still taxes. But in Jersey City, the tax bite is less for services equivalent to or better than you're likely to find in the rest of the New Jersey/ NYC metro area.

The only city tax on business is real estate tax which may be capped by a tax abatement process. There is NO payroll tax, NO city sales tax, NO corporation tax, NO capital stock tax, NO city income tax, NO personal property tax, NO unincorporated business tax, and NO tax on commercial leases.

State corporate taxes in New Jersey are also less than those of surrounding states, including New York, Pennsylvania, and Connecticut. For a typical Jersey City business, both the maximum and minimum State Unemployment Insurance Tax rate per employee are lower than other metro municipalities.

State income taxes are computed differently by various states, but after adjustment, state income taxes for Jersey City residents are also lower than other cities in the metro region. The accompanying chart provides an accurate comparison of tax rates for corporations.