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Friday, April 26, 2024

Analysis: Income tax hike will cost Hancock County residents $4.2M more this year

Hamilton

Broadway Street in Hamilton, a city in which residents are projected to experience a $789,319 increase in taxes this year. | Barry Gilfry via Wikimedia Commons

Broadway Street in Hamilton, a city in which residents are projected to experience a $789,319 increase in taxes this year. | Barry Gilfry via Wikimedia Commons

Hancock County residents will pay an additional $4,197,818 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 Hancock County communities will pay the most: Carthage ($1,000,923 total/$534 per person), Hamilton ($789,319/$505), Warsaw ($427,007/$487) and La Harpe ($363,423/$467). 

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
1Carthage62321$1,000,923
2Hamilton62341$789,319
3Warsaw62379$427,007
4La Harpe61450$363,423
5Dallas City62330$352,852
6Nauvoo62354$304,351
7Plymouth62367$182,618
8Augusta62311$180,413
9Niota62358$145,813
10Bowen62316$136,418
11Basco62313$97,037
12Sutter62373$85,017
13West Point62380$83,438
14Elvaston62334$35,737
15Ferris62336$13,453

Total

$4,197,818
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Hancock County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Basco62313$581167
2Sutter62373$552154
3Carthage62321$5341,876
4West Point62380$521160
5Elvaston62334$51869
6Hamilton62341$5051,564
7Bowen62316$494276
8Warsaw62379$487876
9Nauvoo62354$485628
10La Harpe61450$467779
11Niota62358$463315
12Dallas City62330$461765
13Augusta62311$457395
14Ferris62336$39634
15Plymouth62367$356513
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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