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McHenry Times

Sunday, December 22, 2024

McHenry County taxpayers would pay an extra $173.7M if Democrats’ tax hike becomes law

Cullerton

State Sen. John Cullerton (D-Chicago) is eager to raise state income taxes. Taxpayers in his north side district will pay the most. | City Club of Chicago

State Sen. John Cullerton (D-Chicago) is eager to raise state income taxes. Taxpayers in his north side district will pay the most. | City Club of Chicago

McHenry County taxpayers would see a total of $173.7 million in state income tax increases if a tax hike measure passed by the Democrat-controlled Illinois State Senate becomes law.

The community in McHenry County that would see the largest increase is Barrington Hills/Port Barrington, with a $55 million total increase and a $2,650 average increase.

Other communities that would see large collective increases include Crystal Lake (South)/Lakewood ($18.5 million), Algonquin ($13.5 million), Cary/Oakwood Hills ($11.9 million) and Lake in the Hills ($10.5 million).

Taxpayers from Crystal Lake (North)/Prairie Grove ($1,236), Cary/Oakwood Hills ($957), Algonquin ($898) and Fox River Grove ($897) would see the highest average increases.

Led by Senate President John Cullerton (D-Chicago), Democrats passed the individual income tax hike last week-- from 3.75 percent to 4.95 percent-- along with a broader set of tax increases on businesses.

If their projections prove correct, individual Illinois taxpayers will send an additional $4.453 billion to Springfield each year as a result of the higher rates. Businesses will pay another $1 billon.

LGIS looked at 2014 income taxes paid by zip code to create a ranking of the highest-paying McHenry County communities.

Its analysis looked at the percentage of total state income taxes paid by zip code, as reported by the Illinois Department of Revenue. It then applied that percentage to the amount Senate Democrats expect their tax hike will raise to calculate an average increase.

The analysis used 2014 tax return data, which is the latest available and also represents a year in which state income taxes were higher-- five percent, or approximately the level to which the Democrats are hoping to raise them.

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Top income tax-paying communities in McHenry County

Which communities pay the highest income taxes in McHenry County?

RankingCommunitiesZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Barrington Hills / Port Barrington60184$2,65020,747
2Crystal Lake (North) /Prairie Grove60175$1,2365,049
3Cary / Oakwood Hills60175$95712,482
4Algonquin60134$89815,002
5Fox River Grove60502$8972,583
6Spring Grove60174$8524,542
7Lake in the Hills60554$82512,755
8Crystal Lake (South) / Lakewood60554$80622,912
9Richmond60119$7231,830
10Johnsburg (Central) / Pistakee Highlands / Lakemoor60124$71511,984
11Hebron60510$712912
12Woodstock / Bull Valley60511$68514,833
13McHenry (West) / Johnsburg (South) / McCullom Lake60136$67414,600
14Huntley60118$66712,931
15Island Lake60102$6614,111
16Marengo60177$6545,844
17Union60542$646765
18Wonder Lake60140$5574,981
19Harvard60504$4865,983

Source: Illinois Department of Revenue; Blockshopper.com

How much more will your community pay?

If state income taxes are increased to 4.95 percent from 3.75 percent, how much more will taxpayers in your community pay for state government?

RankingCommunitiesZipEstimated State Income Tax Increase
1Barrington Hills / Port Barrington60010$54,972,193
2Crystal Lake (South) / Lakewood60014$18,460,727
3Algonquin60102$13,471,395
4Cary / Oakwood Hills60013$11,941,110
5Lake in the Hills60156$10,529,128
6Woodstock / Bull Valley60098$10,159,795
7McHenry (West) / Johnsburg (South) / McCullom Lake60050$9,839,310
8Huntley60142$8,628,264
9Johnsburg (Central) / Pistakee Highlands / Lakemoor60051$8,567,167
10Crystal Lake (North) /Prairie Grove60012$6,242,231
11Spring Grove60081$3,869,977
12Marengo60152$3,819,381
13Harvard60033$2,908,934
14Wonder Lake60097$2,776,652
15Island Lake60042$2,719,340
16Fox River Grove60021$2,315,843
17Richmond60071$1,322,908
18Hebron60034$649,761
19Union60180$494,061

TOTAL

$173,688,177

Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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