Tax Comparison: Graniteville, VT vs Ocean city, NJ
Understanding Your Tax Burden
This page compares the three main types of taxes between Graniteville, VT and Ocean city, NJ: property tax, income tax, and sales tax. Each of these has a different impact on your overall cost of living.
Property Tax Comparison
Property taxes are collected by local governments and used to fund schools, infrastructure, and other local services. They're typically based on the assessed value of your property.
Our property tax estimates are based on:
- U.S. median home value: $419,200 (2023 data)
- Local effective tax rates for both cities
Graniteville, VT
$7,832
Based on a $419,200 home
Rate: 1.8683%
Ocean city, NJ
$5,554
Based on a $419,200 home
Rate: 1.3248%
| Data | Graniteville, VT | Ocean city, NJ |
|---|---|---|
| Effective Property Tax Rate | 1.8683% | 1.3248% |
| Estimated Property Tax | $7,832 | $5,554 |
| Home Value Used | $419,200 | $419,200 |
Comparison: Property taxes in Ocean city, NJ are $2,278 lower than in Graniteville, VT for the same home value.
State Income Tax Comparison
Income tax rates and brackets vary by state, impacting residents' overall tax burden. The estimates below are based on standard deductions and typical filing scenarios.
Our income tax estimates consider:
- Single filer: $100,000 annual income
- Married couple: $200,000 combined income
- Median income: $80,600 annual income
VT
3.35%-8.75%
Single: $4,146
Married: $7,463
NJ
1.4%-10.75%
Single: $3,957
Married: $7,123
| Data | VT | NJ |
|---|---|---|
| Tax Rate | 3.35%-8.75% | 1.4%-10.75% |
| Single Filer ($100k) | $4,146 | $3,957 |
| Married Couple ($200k) | $7,463 | $7,123 |
| Median Income ($80.6k) | $5,320 | $5,137 |
Comparison: Income taxes in NJ are $183 lower than in VT for the median household income.
Sales Tax Comparison
Sales tax rates vary by location and can have a significant impact on your day-to-day expenses. These include state, county, city, and special district taxes that together form the total sales tax rate.
Our sales tax estimates consider:
- Average household taxable spending: $15,500 per year
- Combined state and local rates for both cities
Graniteville, VT
7.000%
Combined rate
Annual sales tax: $1085
(Based on $15,500 spending)
Ocean city, NJ
9.938%
Combined rate
Annual sales tax: $1540
(Based on $15,500 spending)
| Data | Graniteville, VT | Ocean city, NJ |
|---|---|---|
| State Sales Tax | 6.00% | 6.63% |
| Combined Sales Tax | 7.000% | 9.938% |
| Annual Tax Amount | $1,085 | $1,540 |
Comparison: Shopping in Graniteville, VT costs $455 less in annual sales tax than in Ocean city, NJ for the average household.
Tax Comparison Insights
Tax Insights: Graniteville vs Ocean city
- Property Tax: Ocean city has a 0.5435 percentage points lower effective property tax rate than Graniteville.
- Income Tax: Living in NJ could save you approximately $183 in state income taxes for a median household income.
- Sales Tax: The combined sales tax rate in Graniteville is 2.94 percentage points lower than in Ocean city.
Overall Tax Burden Comparison
Graniteville, VT
$14,236
Combined annual tax burden
Property
$7,832
Income
$5,320
Sales
$1,085
Ocean city, NJ
$12,230
Combined annual tax burden
Property
$5,554
Income
$5,137
Sales
$1,540
Overall Comparison: Ocean city, NJ has an estimated $2,006 lower total tax burden than Graniteville, VT based on our standard scenarios.
Important Tax Disclaimer
The tax information provided above is based on publicly available data and standard assumptions. Actual tax situations will vary based on:
- Individual financial circumstances
- Applicable deductions and credits
- Recent changes in tax laws
- Personal spending habits
- Local variations within cities and counties
This comparison is intended for general informational purposes only and should not be considered tax advice. For specific guidance regarding your tax situation, please consult with a qualified tax professional.