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Illinois Valley Times

Thursday, November 21, 2024

Analysis: Income tax hike will cost Bureau County residents $8M more this year

Princetonil

Princeton's historic Main Street district, a city in which residents are projected to pay an additional $3M in income taxes this year. | Wikimedia Commons

Princeton's historic Main Street district, a city in which residents are projected to pay an additional $3M in income taxes this year. | Wikimedia Commons

Bureau County residents will pay an additional $8.88 million in state income taxes this year, according to an analysis by Local Government Information Services (LGIS).

LGIS used 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 Bureau County communities will pay the most: Princeton ($3.08 million total/$591 per person), Spring Valley ($1.36 million/$491), Walnut ($593,995/$627) and Wyanet ($431,719/$723). 

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
1Princeton61356$3,078,967
2Spring Valley61362$1,363,476
3Walnut61376$593,995
4Wyanet61379$431,719
5Ladd61329$393,807
6Tiskilwa61368$373,659
7La Moille61330$373,331
8Sheffield61361$369,955
9Buda61314$341,696
10Ohio61349$268,823
11Depue61322$211,912
12Neponset61345$195,703
13Dalzell61320$156,867
14Arlington61312$131,502
15Cherry61317$125,271
16Malden61337$99,305
17Mineral61344$94,245
18Manlius61338$91,058
19Seatonville61359$68,406
20Bureau61315$45,529
21New Bedford61346$22,563
22Van Orin61374$22,416
23Dover61323$19,905
24Kasbeer61328$8,767

TOTAL

$8,882,878
Sources: Illinois Department of Revenue; Blockshopper.com

Top income tax-paying communities in Bureau County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Buda61314$916373
2Wyanet61379$723597
3Arlington61312$664198
4Walnut61376$627947
5Ladd61329$627628
6Tiskilwa61368$604619
7Ohio61349$597450
8Sheffield61361$593624
9Princeton61356$5915206
10New Bedford61346$57939
11Manlius61338$569160
12Neponset61345$551355
13La Moille61330$547682
14Mineral61344$521181
15Cherry61317$501250
16Dalzell61320$492319
17Spring Valley61362$4912778
18Van Orin61374$48746
19Seatonville61359$485141
20Malden61337$439226
21Kasbeer61328$36524
22Bureau61315$361126
23Dover61323$34957
24Depue61322$322658
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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