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Friday, November 22, 2024

Analysis: Income tax hike will cost Carroll County residents $3.7M more this year

Mt carroll

Downtown Mount Carroll's Market Street, a city in which residents are projected to pay an additional 721K in income taxes this year. | Wikimedia Commons

Downtown Mount Carroll's Market Street, a city in which residents are projected to pay an additional 721K in income taxes this year. | Wikimedia Commons

Carroll County residents will pay an additional $3.7 million in state income taxes this year, according to an analysis by Local Government Information Services (LGIS).

LGIS combined Illinois Department of Revenue data with a forecast by Senate Democrats to estimate how much additional income tax will be paid in each Illinois zip code.

The following Carroll County communities will pay the most: Lanark ($797,733 total/$577 per person), Savanna ($734,582/$375), Mount Carroll ($721,642/$554) and Milledgeville ($397,775/$522). 

Retroactive to July 1, the higher rate -- now 4.95 percent, up from 3.75 percent -- will be withheld from employee paychecks over the last six months of 2017.

Before the hike, someone earning $50,000 paid $72 in state income tax per paycheck. That person will now pay $95, or an additional $600 per year.

Senate Democrats estimate the tax hike will siphon $4.453 billion more this year from individual taxpayers. Businesses will pay another $1 billion.

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How much more will your community pay?

State income taxes have increased to 4.95 percent from 3.75 percent. This chart shows how much more taxpayers in your community will pay for state government.

RankingCommunityZipEstimated State Income Tax Increase
1Lanark61046$797,733
2Savanna61074$734,582
3Mount Carroll61053$721,642
4Milledgeville61051$397,775
5Shannon61078$390,556
6Thomson61285$344,006
7Chadwick61014$321,436

Total 

$3,707,730
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Carroll County

This chart shows the ranking of communities by highest income taxes paid in Carroll County.

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Chadwick61014$613524
2Shannon61078$588664
3Lanark61046$5771,383
4Mount Carroll61053$5541,302
5Milledgeville61051$522762
6Thomson61285$444774
7Savanna61074$3751,959
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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