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Friday, November 22, 2024

Analysis: Income tax hike will cost Warren County residents $3.4M more this year

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Warren County residents will pay an additional $3.43 million 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 Warren County communities will pay the most: Monmouth ($2,261,443 total/$456 per person), Roseville ($399,641/$557), Kirkwood ($217,955/$530) and Cameron ($198,161/$661). 

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 
1Monmouth61462$2,261,443
2Roseville61473$399,641
3Kirkwood61447$217,955
4Cameron61423$198,161
5Little York61453$151,321
6Berwick61417$87,087
7Smithshire61478$71,620
8Gerlaw61435$48,639

Total

$3,435,866
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Warren County

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

RankingCommunityZipAverage State Income Tax Increase*

Total Returns filed by Zip
1Berwick61417$680128
2Cameron61423$661300
3Gerlaw61435$58683
4Roseville61473$557718
5Kirkwood61447$530411
6Smithshire61478$527136
7Little York61453$522290
8Monmouth61462$4564,960
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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