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Monday, December 23, 2024

Analysis: Income tax hike will cost Tazewell County residents $38.8M more this year

Pekin  illinois federal buildi

The Federal building in Pekin, Illinois, a city in which residents are projected to experience a $8,949,123 tax increase this year. | Ammodramus via Wikimedia Commons

The Federal building in Pekin, Illinois, a city in which residents are projected to experience a $8,949,123 tax increase this year. | Ammodramus via Wikimedia Commons

Tazewell County residents will pay an additional $38.76 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 Tazewell County communities will pay the most: Pekin ($8,949,123 total/$480 per person), Morton ($7,813,869/$920), Washington ($7,789,131/$725) and East Peoria ($6,799,702/$588). 

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
1Pekin61554$8,949,123
2Morton61550$7,813,869
3Washington61571$7,789,131
4East Peoria61611$6,799,702
5Tremont61568$1,733,986
6Mackinaw61755$1,328,481
7Creve Coeur61610$830,658
8Groveland61535$728,877
9Delavan61734$668,883
10Minier61759$491,469
11Green Valley61534$467,658
12Hopedale61747$440,559
13Deer Creek61733$345,059
14South Pekin61564$162,352
15Armington61721$154,364
16Pekin61555$63,334

Total

$38,767,504
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Tazewell County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Morton61550$9208,497
2Groveland61535$907804
3Tremont61568$8162,125
4Washington61571$72510,738
5Minier61759$693709
6Mackinaw61755$6721,978
7Hopedale61747$668660
8Deer Creek61733$657525
9Green Valley61534$615761
10Armington61721$589262
11East Peoria61611$58811,569
12Delavan61734$5281,267
13Pekin61555$499127
14Pekin61554$48018,628
15South Pekin61564$384423
16Creve Coeur61610$3492,381
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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