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Friday, November 22, 2024

Analysis: Income tax hike will cost Menard County residents $3.5M more this year

Menard

Menard Courthouse in Petersburg, a city in which residents are projected to experience a $1,723,677 tax increase this year. | Matt Turner via Wikimedia Commons

Menard Courthouse in Petersburg, a city in which residents are projected to experience a $1,723,677 tax increase this year. | Matt Turner via Wikimedia Commons

Menard County residents will pay an additional $3,475,585 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 Menard County communities will pay the most: Petersburg ($1,723,677 total/$614 per person), Athens ($1,075,535/$605), Greenview ($363,983/$546) and Tallula ($176,554/$500). 

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
1Petersburg62675$1,723,677
2Athens62613$1,075,535
3Greenview62642$363,983
4Tallula62688$176,554
5Oakford62673$135,836

Total

$3,475,585
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Menard County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Petersburg62675$6142,809
2Athens62613$6051,778
3Oakford62673$576236
4Greenview62642$546667
5Tallula62688$500353
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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