Illinois Valley Times

Illinois Valley Times

Tuesday, February 18, 2020

Analysis: Income tax hike will cost Putnam County residents $1.7M more this year

Community

By Kyle Wahe | Aug 6, 2017

Putnam county courthouse  henn
Putnam courthouse in Hennepin, a city where residents are projected to pay an additional $381,939 in taxes this year. | Nyttend via Wikimedia Commons

Putnam County residents will pay an additional $1,670,201 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 Putnam County communities will pay the most: Granville ($680,401 total/$609 per person), Hennepin ($381,939/$636), McNabb ($159,349/$635) and Magnolia ($153,544/$582). 

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 $4.45 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
1Granville61326$680,401
2Hennepin61327$381,939
3McNabb61335$159,349
4Magnolia61336$153,544
5Putnam61560$143,879
6Mark61340$97,238
7Standard61363$53,851

Total

$1,670,201
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Putnam County

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

RankingCommunityZIPAverage State Income Tax IncreaseTotal Returns filed by ZIP
1Hennepin61327$636601
2McNabb61335$635251
3Granville61326$6091,117
4Magnolia61336$582264
5Mark61340$526185
6Putnam61560$473304
7Standard61363$456118
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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Organizations in this Story

Putnam CountyIllinois Department of Revenue

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