Quantcast

West Central Reporter

Thursday, November 14, 2024

Analysis: Income tax hike will cost Adams County residents $17M more this year

Quincycityhall

Quincy's City Hall, a city in which residents will pay over $17M in additional income taxes this year.

Quincy's City Hall, a city in which residents will pay over $17M in additional income taxes this year.

Adams County residents will pay an additional $17.3 million in state income taxes this year, according to an analysis by Local Government Information Services (LGIS).

LGIS used Illinois Department of Revenue data combined with a forecast by Senate Democrats to estimate how much additional income tax will be paid in each Illinois zip code.

The following Adams County communities will pay the most: Quincy ($13.6 million total/$573 per person), Liberty ($589,493/$552), Camp Point ($534,585/$528) and Payson ($455,713/$580). 

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. 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.

---

How much more will your community pay?

This chart shows how much more taxpayers in your community will pay for state government after the recent 32 percent increase in personal income tax.

RankingCommunityZipEstimated State Income Tax Increase
1Quincy62301$6,816,048
2Quincy62305$6,724,033
3Liberty62347$589,493
4Camp Point62320$534,585
5Payson62360$455,713
6Mendon62351$442,027
7Fowler62338$439,003
8Ursa62376$358,183
9Clayton62324$244,710
10Golden62339$219,327
11Loraine62349$140,431
12Plainville62365$123,321
13Coatsburg62325$84,947
14Quincy62306$66,210
15La Prairie62346$52,624
16Paloma62359$25,724
17Lima62348$18,087

TOTAL

$17,334,466
Source: Illinois Department of Revenue; Blockshopper.com

Top income tax-paying communities in Adams County

Communities ranked by cost of income taxes in Adams County

RankingCommunityZipAverage State Income Tax Increase*Total Returns filed by Zip
1Quincy62305$7459,026
2Fowler62338$643683
3Ursa62376$623575
4Lima62348$60330
5Quincy62306$602110
6Payson62360$580786
7Liberty62347$5521,068
8Mendon62351$550803
9Golden62339$531413
10Camp Point62320$5281,013
11Coatsburg62325$506168
12La Prairie62346$496106
13Loraine62349$483291
14Plainville62365$467264
15Quincy62301$46714,607
16Clayton62324$426575
17Paloma62359$36770
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

MORE NEWS