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Peoria Standard

Friday, April 19, 2024

Analysis: Income tax hike will cost Peoria County residents $57M more this year

Peoria city hall

Peoria's city hall, a city in which residents are projected to pay an additional $35M in income taxes this year | Wikimedia Commons

Peoria's city hall, a city in which residents are projected to pay an additional $35M in income taxes this year | Wikimedia Commons

Peoria County residents will pay an additional $57,229,250 in state income taxes this year, according to an analysis by Local Government Information Services (LGIS).

LGIS combined 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 Peoria County communities will pay the most: Peoria ($ $35,750,546.95 total), Dunlap ($6,778,246/$1,535 per person), Chillicothe ($3,189,783/$618 per person) and Peoria Heights ($2,145,153/$731 per person). 

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.

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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.

RankCommunityZipEstimated State Income Tax Increase
1Peorian/a$35,750,546.95
2Dunlap61525$6,778,246
3Chillicothe61523$3,189,783
4Peoria Heights61616$2,145,153
5Edwards61528$1,833,528
6Brimfield61517$1,676,748
7Mapleton61547$1,353,086
8Princeville61559$1,128,135
9Hanna City61536$953,444
10Elmwood61529$800,352
11Glasford61533$597,563
12Edelstein61526$427,462
13Trivoli61569$371,402
14Laura61451$103,610
15Mossville61552$46,800
16Rome61562$42,070
17Kingston Mines61539$31,321

Total

$57,229,250.60

Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Peoria County

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

RankCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Peoria61629$2,593246
2Peoria61656$1,66827
3Dunlap61525$1,5354,415
4Edwards61528$1,3801,329
5Peoria61602$1,076473
6Peoria61615$1,06011,369
7Brimfield61517$1,0481,600
8Peoria61612$926202
9Edelstein61526$846505
10Mapleton61547$7861,722
11Peoria61614$75213,747
12Princeville61559$7321,542
13Peoria Heights61616$7312,934
14Peoria61601$699139
15Trivoli61569$683544
16Hanna City61536$6541,458
17Laura61451$620167
18Chillicothe61523$6185,163
19Elmwood61529$5931,349
20Glasford61533$5571,073
21Peoria61607$4955,239
22Peoria61606$4922,037
23Rome61562$46790
24Mossville61552$425110
25Peoria61604$40212,994
26Kingston Mines61539$32696
27Peoria61603$3156,451
28Peoria61605$2074,984
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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