Taxes in Princeton
Princeton layers an effective property-tax rate that runs above even New Jersey's own nation-leading statewide average onto the state's real, graduated income tax structure.
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Learn moreAn effective property-tax rate above the state's own high average
Princeton's own median effective property tax rate ran 2.51% per Ownwell -- above New Jersey's 1.88%-2.23% statewide range -- even as the same source describes 2.51% as the LOWEST rate among Mercer County's own municipalities.
New Jersey's real, graduated state income tax
New Jersey's seven-bracket income tax runs from 1.4% up to 10.75% above $1,000,000 (the 'millionaire's tax,' made permanent in 2020) -- a real, meaningful consideration for Princeton's own genuinely high-income resident base.
A simple, single-rate sales tax
New Jersey's uniform 6.625% sales tax, with no local add-on anywhere in the state, applies in Princeton as statewide.
Key takeaways
- Princeton's effective property-tax rate (2.51%) runs above New Jersey's own nation-leading statewide average.
- New Jersey's graduated income tax (1.4%-10.75%) reaches meaningfully into Princeton's high-income resident base.
- New Jersey's simple, uniform 6.625% sales tax applies with no local add-on.
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