McHenry County taxpayers will pay an extra $173.7M with passage of tax hike law
McHenry County taxpayers will see a total of $173.7 million in state income tax increases now that Senate Bill 9, a tax hike measure, passed the Democrat-controlled Illinois Senate and has gone on to become law.
The community in McHenry County that will see the largest increase is Barrington Hills/Port Barrington, with a $55 million total increase and a $2,650 average increase.
Other communities that will 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) will see the highest average increases.
SB 9, a revenue bill that would generate $5.4 billion by raising the income tax rate to 4.95 percent from 3.75 percent and the corporate tax rate to 7 percent from 5.25 percent, passed the Senate and House. Gov. Bruce Rauner then vetoed the bill, but the Senate quickly overrode his veto and the House followed suit.
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 expected their tax hike to 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 – 5 percent, or approximately the level to which the Democrats hoped to raise them.
Top income tax-paying communities in McHenry County
Which communities pay the highest income taxes in McHenry County?
|Ranking||Communities||ZIP||Average State Income Tax Increase||Total Returns filed by ZIP|
|1||Barrington Hills / Port Barrington||60010||$2,650||20,747|
|2||Crystal Lake (North) /Prairie Grove||60012||$1,236||5,049|
|3||Cary / Oakwood Hills||60013||$957||12,482|
|5||Fox River Grove||60021||$897||2,583|
|7||Lake in the Hills||60156||$825||12,755|
|8||Crystal Lake (South) / Lakewood||60014||$806||22,912|
|10||Johnsburg (Central) / Pistakee Highlands / Lakemoor||60051||$715||11,984|
|12||Woodstock / Bull Valley||60098||$685||14,833|
|13||McHenry (West) / Johnsburg (South) / McCullom Lake||60050||$674||14,600|
Source: Illinois Department of Revenue; Blockshopper.com
How much more will your community pay?
With state income taxes increased to 4.95 percent from 3.75 percent, how much more will taxpayers in your community pay for state government?
|Ranking||Communities||ZIP||Estimated State Income Tax Increase|
|1||Barrington Hills / Port Barrington||60010||$54,972,193|
|2||Crystal Lake (South) / Lakewood||60014||$18,460,727|
|4||Cary / Oakwood Hills||60013||$11,941,110|
|5||Lake in the Hills||60156||$10,529,128|
|6||Woodstock / Bull Valley||60098||$10,159,795|
|7||McHenry (West) / Johnsburg (South) / McCullom Lake||60050||$9,839,310|
|9||Johnsburg (Central) / Pistakee Highlands / Lakemoor||60051||$8,567,167|
|10||Crystal Lake (North) /Prairie Grove||60012||$6,242,231|
|16||Fox River Grove||60021||$2,315,843|
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats
*Assumes tax increase will meet Senate Democrats' projections.