Director David Harris | Illinois Department of Revenue
Director David Harris | Illinois Department of Revenue
In total, residents paid just over $15.9 million in sales taxes during that year.
Algonquin also ranked 61st in the Prairie State the year before, with just over $14.9 million spent in sales taxes.
The largest share of taxes paid by the residents in 2023 came from Municipal Sales Tax.
In Illinois, Municipal Sales Taxes, typically set at 1%, are combined with the state sales tax of 5% and a county tax of 0.25%, resulting in a total state tax rate of 6.25%. These taxes vary at local level and are aimed at diverse municipal needs, like infrastructure and public services. The revenue generated from these taxes is destined to fund local government operations, public safety, education, and community development projects.
As of 2021, Illinois was the highest taxed state in the US. A study from Wallet Hub found Illinois taxes were 39.83% higher than the national average.
Illinois governor J. B. Pritzker is accused of adding more than $5.2 billion in new or higher taxes since coming into power in early 2019. As a business owner, he has a fortune of more than $3 billion, largely based on his family's wealth and connections.
Sales Taxes Collected in Algonquin in 2023
| Type of Tax | Amount Collected in Year | % Change From Previous Year |
|---|---|---|
| Municipal Sales Tax | $9,369,441 | 2.2% |
| Municipal Home Rule Sales Tax | $6,550,220 | 13.8% |
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