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Wednesday, December 25, 2024

Analysis: Income tax hike will cost Lee County residents $8.4M more this year

Ashton  illinois  7994743789

Ashton Illinois where residents are projected to experience a $404,273 tax increase this year. | Wayne Wilkinson via Wikimedia Commons

Ashton Illinois where residents are projected to experience a $404,273 tax increase this year. | Wayne Wilkinson via Wikimedia Commons

PUBLISH 7/22 12:30PM

Lee County residents will pay an additional $8,429,965 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 Lee County communities will pay the most: Dixon ($5,222,838 total/$526 per person), Amboy ($947,416/$532), Ashton ($404,273/$545) and Franklin Grove ($357,294/$538).

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 twice a week. 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
1Dixon61021$5,222,838
2Amboy61310$947,416
3Ashton61006$404,273
4Franklin Grove61031$357,294
5Paw Paw61353$290,451
6Steward60553$232,396
7Sublette61367$226,145
8Lee60530$201,341
9Compton61318$185,473
10West Brooklyn61378$174,133
11Harmon61042$155,874
12Eldena61324$18,681
13Nachusa61057$13,649

Total

$8,429,965
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Lee County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1West Brooklyn61378$723241
2Harmon61042$690226
3Lee60530$685294
4Steward60553$655355
5Sublette61367$598378
6Compton61318$593313
7Ashton61006$545742
8Franklin Grove61031$538664
9Amboy61310$5321,782
10Dixon61021$5269,930
11Paw Paw61353$484600
12Nachusa61057$45530
13Eldena61324$38149
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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