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Sunday, December 22, 2024

Analysis: Income tax hike will cost Knox County residents $11M more this year

Galesburg

Downtown Galesburg, a city in which residents are projected to experience a $6,573,566 tax increase this year. | Adam Moss via Wikimedia Commons

Downtown Galesburg, a city in which residents are projected to experience a $6,573,566 tax increase this year. | Adam Moss via Wikimedia Commons

PUBLISH 8/2 2PM

Knox County residents will pay an additional $11,055,133 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 Knox County communities will pay the most: Galesburg ($6,573,566 total/$487 per person), Knoxville ($942,451/$549), Abingdon ($736,381/$438) and Dahinda ($328,987/$704). 

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
1Galesburg61401$6,573,566
2Knoxville61448$942,451
3Abingdon61410$736,381
4Dahinda61428$328,987
5Oneida61467$290,613
6Wataga61488$246,895
7Altona61414$245,140
8East Galesburg61430$244,006
9Yates City61572$242,295
10Gilson61436$241,273
11Williamsfield61489$217,721
12Rio61472$210,159
13Maquon61458$184,804
14Victoria61485$147,643
15Galesburg61402$92,064
16Saint Augustine61474$62,560
17Henderson61439$48,574

Total

$11,055,133
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Knox County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Rio61472$745282
2Dahinda61428$704467
3East Galesburg61430$644379
4Altona61414$642382
5Oneida61467$578503
6Gilson61436$574420
7Galesburg61402$555166
8Knoxville61448$5491,717
9Victoria61485$531278
10Williamsfield61489$526414
11Yates City61572$524462
12Wataga61488$495499
13Saint Augustine61474$489128
14Galesburg61401$48713,510
15Maquon61458$476388
16Abingdon61410$4381,683
17Henderson61439$415117
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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