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Friday, April 26, 2024

Analysis: Proposed K-12 budget would cost Metro Springfield residents $125M more in income taxes

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Metro Springfield residents would pay $125,041,719 more in state income taxes if the state agrees to increase school funding by $7.2 billion, according to a Sangamon Sun analysis of Illinois Department of Revenue data.

Superintendent Tony Smith called for increasing K-12 public schools funding to $50 billion next year, or $27,000 per student. Smith hasn’t said where he expects the new money to come from.

The state raised income taxes by 32 percent just six months ago, in part to fund a new school spending plan. If the superintendent's plan goes through unchanged, Springfield residents would see the largest average increase in Metro Springfield at $1,985 per household.

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How much more will your community pay?

CityZipCurrent income taxIncome tax under proposed planIncrease by zip codeAverage household increase
Springfield62711$46,332,000$62,768,790$16,436,790$1,985
Springfield62712$24,205,500$32,792,669$8,587,169$1,718
Rochester62563$12,127,500$16,429,865$4,302,365$1,548
Cantrall62625$1,803,968$2,443,946$639,978$1,416
Glenarm62536$1,776,635$2,406,915$630,280$1,382
Sherman62684$9,504,000$12,875,649$3,371,649$1,377
Chatham62629$24,601,500$33,329,155$8,727,655$1,373
Springfield62704$70,785,000$95,896,763$25,111,763$1,272
Pleasant Plains62677$4,647,828$6,296,696$1,648,868$1,256
Williamsville62693$2,846,633$3,856,507$1,009,874$1,189
New Berlin62670$4,999,500$6,773,128$1,773,628$1,186
Petersburg62675$9,355,500$12,674,467$3,318,967$1,182
Elkhart62634$1,251,020$1,694,834$443,814$1,150
Buffalo62515$1,304,789$1,767,677$462,888$1,146
Springfield62707$11,632,500$15,759,258$4,126,758$1,137
Pawnee62558$5,247,000$7,108,431$1,861,431$1,107
Athens62613$5,445,000$7,376,674$1,931,674$1,086
Dawson62520$2,187,464$2,963,491$776,027$1,079
Mt Pulaski62548$3,140,989$4,255,290$1,114,301$1,079
Beason62512$698,229$945,934$247,705$1,077
Emden62635$1,036,786$1,404,597$367,811$1,057
Atlanta61723$3,268,564$4,428,123$1,159,559$1,045
Loami62661$1,684,292$2,281,813$597,521$1,041
Divernon62530$2,155,685$2,920,439$764,754$1,036
Mechanicsburg62545$1,730,540$2,344,469$613,929$1,028
New Holland62671$787,530$1,066,915$279,385$1,016
Auburn62615$6,979,500$9,455,555$2,476,055$978
Middletown62666$749,142$1,014,909$265,767$977
Illiopolis62539$1,650,822$2,236,470$585,648$974
Riverton62561$6,484,500$8,784,948$2,300,448$957
Chestnut62518$536,566$726,919$190,353$952
Greenview62642$1,782,491$2,414,849$632,358$948
Oakford62673$625,585$847,518$221,933$940
Springfield62701$1,035,014$1,402,197$367,183$939
Tallula62688$928,686$1,258,148$329,462$933
Latham62543$635,621$861,114$225,493$928
Lake Fork62541$72,632$98,399$25,767$920
Lincoln62656$18,760,500$25,415,995$6,655,495$900
Cornland62519$88,357$119,703$31,346$871
Lawndale61751$105,102$142,388$37,286$867
Hartsburg62643$550,019$745,145$195,126$841
Springfield62702$33,165,000$44,930,651$11,765,651$744
Thayer62689$546,422$740,271$193,849$718
Springfield62703$23,215,500$31,451,456$8,235,956$666

Total$125,041,719

Sources: Illinois Department of Revenue; Blockshopper.com; Illinois State Board of Education

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