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Monday, November 4, 2024

Analysis: Income tax hike will cost Ford County residents $3.2M more this year

Paxton

Paxton's city hall, a city in which residents are projected to pay an additional $1,236,355 in taxes this year. | Wikimedia Commons

Paxton's city hall, a city in which residents are projected to pay an additional $1,236,355 in taxes this year. | Wikimedia Commons

Ford County residents will pay an additional $3,259,473 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 Ford County communities will pay the most: Paxton ($1,236,355 total/$496 per person), Gibson City ($1,152,112/$591), Piper City ($234,186/$531) and Melvin ($143,011/$536). 

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
1Paxton60957$1,236,355
2Gibson City60936$1,152,112
3Piper City60959$234,186
4Melvin60952$143,011
5Cabery60919$125,859
6Roberts60962$113,553
7Kempton60946$100,316
8Sibley61773$95,958
9Elliott60933$58,122

Total

$3,259,473

Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Ford County

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

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Gibson City60936$5911,951
2Kempton60946$590170
3Cabery60919$588214
4Melvin60952$536267
5Piper City60959$531441
6Paxton60957$4962,494
7Roberts60962$481236
8Sibley61773$444216
9Elliott60933$431135
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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