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West Central Reporter

Sunday, December 22, 2024

Analysis: Income tax hike will cost Brown County residents $1.1M more this year

Brown county courthouse  mount

Brown County Courthouse in Mount Sterling, a city in which residents are projected to pay $852,115 in additional income taxes this year.

Brown County Courthouse in Mount Sterling, a city in which residents are projected to pay $852,115 in additional income taxes this year.

Brown County residents will pay an additional $1,140,054 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.

Brown County communities will pay these amounts: Mount Sterling ($852,115 total/$509 per person), Versailles ($197,750/$475) and Timewell ($90,189/$593). 

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 per 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
1Mount Sterling62353$852,115
2Versailles62378$197,750
3Timewell62375$90,189

Total

$1,140,054

Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Brown County

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

RankingCommunityZipAverage State Income Tax Increase*Total Returns filed by Zip
1Timewell62375$593152
2Mount Sterling62353$5091,673
3Versailles62378$475416
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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