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Friday, April 19, 2024

Analysis: Income tax hike will cost Livingston County residents $8.6M more this year

Fairbury  il downtown5

Downtown Fairbury, a town where residents are projected to pay $1,521,810 next year. | Wikimedia Commons

Downtown Fairbury, a town where residents are projected to pay $1,521,810 next year. | Wikimedia Commons

Livingston County residents will pay an additional $8,615,916 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 Livingston County communities will pay the most: Pontiac ($3,019,321/$524), Fairbury ($1,521,810/$651),  Dwight ($1,262,394/$559) and Forrest ($463,867/$604). 

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.

RankingCommunityZipEstimated State Income Tax Increase
1Pontiac61764$3,019,321
2Fairbury61739$1,521,810
3Dwight60420$1,262,394
4Forrest61741$463,867
5Flanagan61740$455,073
6Odell60460$375,488
7Chatsworth60921$344,430
8Cornell61319$326,797
9Cullom60929$174,939
10Saunemin61769$127,125
11Long Point61333$111,102
12Strawn61775$109,721
13Graymont61743$73,189
14Emington60934$70,198
15Blackstone61313$68,250
16Ancona61311$60,520
17Campus60920$51,693

Total

$8,615,916
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Livingston County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Fairbury61739$6512,338
2Flanagan61740$659691
3Forrest61741$604768
4Graymont61743$626117
5Cullom60929$518338
6Dwight60420$5592,257
7Emington60934$616114
8Long Point61333$669166
9Campus60920$65479
10Pontiac61764$5245,760
11Saunemin61769$478266
12Strawn61775$727151
13Odell60460$555676
14Ancona61311$536113
15Blackstone61313$569120
16Chatsworth60921$539639
17Cornell61319$574569
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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