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Tuesday, May 7, 2024

Analysis: Income tax hike will cost Piatt County residents $4.8M more this year

Bement illinois post office 1

Bement illinois, where residents are projected to pay an additional $407,840 in income taxes this year. | Wikimedia Commons

Bement illinois, where residents are projected to pay an additional $407,840 in income taxes this year. | Wikimedia Commons

Piatt County residents will pay an additional $4,831,779 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 Piatt County communities will pay the most: Monticello ($2,674,768 total/$733 per person), White Heath ($448,699/$801), Mansfield ($419,830/$587) and Bement ($407,840/$480). 

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
1Monticello61856$2,674,768
2White Heath61884$448,699
3Mansfield61854$419,830
4Bement61813$407,840
5Cerro Gordo61818$366,578
6Hammond61929$180,071
7De Land61839$144,377
8Cisco61830$122,840
9La Place61936$48,059
10Milmine61855$18,715

Total

$4,831,779
Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Piatt County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1White Heath61884$801560
2Monticello61856$7333,649
3Mansfield61854$587715
4De Land61839$549263
5Hammond61929$530340
6Cisco61830$529232
7Cerro Gordo61818$503729
8Bement61813$480850
9Milmine61855$46840
10La Place61936$391123
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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