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Friday, November 22, 2024

Analysis: Income tax hike will cost Stephenson County residents $10M more this year

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Freeport Illinois where residents are projected to experience a $5,799,852 tax increase this year. | Wayne Wilkinson via wikimedia commons

Freeport Illinois where residents are projected to experience a $5,799,852 tax increase this year. | Wayne Wilkinson via wikimedia commons

Stephenson County residents will pay an additional $10,158,656 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 Stephenson County communities will pay the most: Freeport ($5,799,852 total/$435 per person), Lena ($1,135,526/$550), Davis ($817,992/$513) and Pearl City ($468,145/$523). 

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 month. 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
1Freeport61032$5,799,852
2Lena61048$1,135,526
3Davis61019$817,992
4Pearl City61062$468,145
5Dakota61018$339,722
6Rock City61070$335,375
7Orangeville61060$332,019
8Winslow61089$211,429
9German Valley61039$204,276
10Ridott61067$192,062
11Cedarville61013$153,038
12McConnell61050$94,259
13Kent61044$64,693
14Eleroy61027$10,267

Total

$10,158,656
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Stephenson County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Rock City61070$663506
2Dakota61018$647525
3Winslow61089$587360
4German Valley61039$582351
5Ridott61067$550349
6Lena61048$5502,066
7Kent61044$548118
8Pearl City61062$523895
9Davis61019$5131,596
10Cedarville61013$483317
11McConnell61050$474199
12Orangeville61060$470707
13Freeport61032$43513,328
14Eleroy61027$35429
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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