Fluorescent proteins (FPs) feature complex photophysical behavior that must be considered when studying the dynamics of fusion-proteins in model systems and live cells. In particular, molecular brightness depends on the dynamics of short-lived dark states leading to flickering of the fluorescence signal. In this work, we characterize mNeonGreen (mNG), a recently introduced FP from Branchiostoma lanceolatum, in comparison to EGFP and AcGFP from Aequorea species. Fluorescence correlation spectroscopy (FCS) is used to determine flickering and molecular brightness of purified proteins in solutions of different pH. The molecular brightness of mNG is consistently higher as compared to the traditional GFPs, but decreases slightly under acidic and basic conditions. Consistently, an advanced analysis of steady state spectroscopy data resolves two additional chromophore states with reduced quantum yield that build up at low and high pH. Thus, mNG is distinguished from traditional GFPs by a two-step protonation response that reflects a chemically distinct chromophore environment. Despite the more complex pH dependence, mNG represents a superior GFP under a broad range of conditions.