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Sunday, November 24, 2024

Analysis: Income tax hike will cost Mason County residents $3.6M more this year

Havana

Main Street in Havana, a city in which residents are projected to experience a $1,042,388 tax increase this year. | Nyttend via Wikimedia Commons

Main Street in Havana, a city in which residents are projected to experience a $1,042,388 tax increase this year. | Nyttend via Wikimedia Commons

Mason County residents will pay an additional $3,584,326 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 Mason County communities will pay the most: Havana ($1,042,388 total/$483 per person), Manito ($994,356/$542), Mason City ($699,384/$522) and San Jose ($194,099/$499). 

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
1Havana62644$1,042,388
2Manito61546$994,356
3Mason City62664$699,384
4San Jose62682$194,099
5Easton62633$188,765
6Bath62617$134,100
7Kilbourne62655$124,491
8Topeka61567$110,299
9Forest City61532$96,443

Total

$3,584,326
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Mason County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Easton62633$655288
2Manito61546$5421,834
3Kilbourne62655$534233
4Mason City62664$5221,340
5San Jose62682$499389
6Havana62644$4832,156
7Bath62617$453296
8Forest City61532$453213
9Topeka61567$424260
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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