Chief Financial Officer Cory Staley | Illinois Department of Revenue
Chief Financial Officer Cory Staley | Illinois Department of Revenue
In total, residents paid approximately $17.4 million in sales taxes during that year.
Pekin also ranked 52nd in the Prairie State the year before, with approximately $16.7 million spent in sales taxes.
The largest share of taxes paid by the residents in 2023 came from Municipal Home Rule Sales Tax.
In Illinois, the Municipal Home Rule Sales Tax applies to a broad range of general merchandise. It operates similar to the state sales tax, but excludes certain items like vehicles and specific foods, drugs, and medical appliances that require state agency titling or registration. While this tax can be set in small increments with no maximum limit, it's important to note that not all municipalities choose to implement it. The revenue generated is destined to local services and infrastructure needs.
As of 2021, Illinois was the highest taxed state in the US. A study from Wallet Hub found Illinois taxes were 39.83% higher than the national average.
Illinois governor J. B. Pritzker is accused of adding more than $5.2 billion in new or higher taxes since coming into power in early 2019. As a business owner, he has a fortune of more than $3 billion, largely based on his family's wealth and connections.
Sales Taxes Collected in Pekin in 2023
| Type of Tax | Amount Collected in Year | % Change From Previous Year |
|---|---|---|
| Municipal Home Rule Sales Tax | $7,344,313 | 3.3% |
| Municipal Sales Tax | $6,683,942 | 5.8% |
| Business District Tax | $3,326,569 | 1.6% |
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