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Saturday, April 20, 2024

Analysis: Income tax hike will cost Pike County residents $3.3 more this year

Griggsville

The historic district in Griggsville, a city in which residents are projected to experience a $371,527 tax increase this year. | Darren Green via Wikimedia Commons

The historic district in Griggsville, a city in which residents are projected to experience a $371,527 tax increase this year. | Darren Green via Wikimedia Commons

Pike County residents will pay an additional $3,272,107 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 Pike County communities will pay the most: Pittsfield ($1,345,779 total/$528 per person), Barry ($389,488/$449), Griggsville ($371,527/$501) and Pleasant Hill ($259,180/$448). 

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
1Pittsfield62363$1,345,779
2Barry62312$389,488
3Griggsville62340$371,527
4Pleasant Hill62366$259,180
5Hull62343$149,321
6Baylis62314$115,696
7Nebo62355$115,674
8New Canton62356$109,543
9Rockport62370$87,270
10Pearl62361$79,233
11Kinderhook62345$62,588
12Perry62362$57,440
13Chambersburg62323$52,948
14Milton62352$42,179
15New Salem62357$34,242

Total 

$3,272,107
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Pike County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Pittsfield62363$5282,547
2Chambersburg62323$524101
3New Canton62356$507216
4Hull62343$504296
5Griggsville62340$501741
6Rockport62370$490178
7Kinderhook62345$478131
8Baylis62314$455254
9Barry62312$449867
10Pleasant Hill62366$448578
11Milton62352$422100
12Nebo62355$392295
13Pearl62361$388204
14Perry62362$350164
15New Salem62357$339101
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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