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Friday, November 22, 2024

Analysis: Income tax hike will cost Jo Daviess County residents $5.7M more this year

Galena

Downtown Galena, a city where residents are projected to pay an additional $1,962,683 in taxes this year. | Aaronr12300 [CC BY-SA 3.0], via Wikimedia Commons

Downtown Galena, a city where residents are projected to pay an additional $1,962,683 in taxes this year. | Aaronr12300 [CC BY-SA 3.0], via Wikimedia Commons

Jo Daviess County residents will pay an additional $5,714,267 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 Jo Daviess County communities will pay the most: Galena ($1,962,683 total/$571 per person), East Dubuque ($1,386,599/$629), Stockton ($813,095/$495) and Elizabeth ($446,080/$443). 

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 when paid every two weeks. 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
1Galena61036$1,962,683
2East Dubuque61025$1,386,599
3Stockton61085$813,095
4Elizabeth61028$446,080
5Warren61087$337,080
6Scales Mound61075$265,404
7Hanover61041$244,913
8Apple River61001$235,554
9Nora61059$22,858

Total

$5,714,267
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Jo Daviess County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1East Dubuque61025$6292,206
2Galena61036$5713,436
3Scales Mound61075$530501
4Stockton61085$4951,641
5Apple River61001$447527
6Elizabeth61028$4431,006
7Warren61087$428788
8Nora61059$38759
9Hanover61041$387633
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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