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Lake County Gazette

Thursday, April 18, 2024

Lake County taxpayers will pay an extra $443M with passage of tax hike law

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Lake County taxpayers will see a total of $443 million in state income tax increases after SB 9, a tax hike measure, passed the Democrat-controlled Illinois State Senate to become law.

The communities in Lake County that will see the largest increase are Lake Forest ($55.2 million total, $5,579 average), Lake Barrington/Barrington/North Barrington ($54.9 million total, $2,650 average) and Highland Park ($49.5 million, $3,355 average).

Senate Bill 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 36-18 on Tuesday. It passed the House on Sunday. Gov. Bruce Rauner then vetoed the bill, but the Senate quickly overrode his veto. The House is expected to vote on an override Thursday.

LGIS looked at 2014 income taxes paid by zip code to create a ranking of the highest-paying Lake 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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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?

RankingCommunitiesZipEstimated State Income Tax Increase
1Lake Forest60045$55,255,487
2Lake Barrington/Barrington/North Barrington60010$54,972,193
3Highland Park60035$49,471,838
4Lake Zurich/Long Grove/Hawthorn Woods/Kildeer60047$36,916,710
5Deerfield/Riverwoods60015$31,708,123
6Libertyville/Green Oaks/Lakemoor60048$27,454,585
7Buffalo Grove60089$22,665,393
8Gurnee/Grandwood Park60031$17,084,127
9Mundelein/Ivanhoe60060$15,695,592
10Grayslake/Gages Lake60030$15,245,565
11Lindenhurst/Lake Villa/Venetian Village60046$14,503,111
12Round Lake Beach/Round Lake/Round Lake Park60073$14,334,809
13Vernon Hills60061$14,327,439
14Waukegan (Central)60085$10,098,924
15Lake Bluff60044$10,084,181
16Antioch/Channel Lake/Lake Catherine60002$8,497,287
17Lincolnshire60069$7,513,322
18Wauconda60084$6,318,114
19Zion/Beach Park (North)60099$5,624,895
20Waukegan (North), Beach Park (Central)60087$5,324,903
21Wadsworth/Beach Park (South)/Waukegan (Northwest)60083$4,710,474
22Spring Grove60081$3,869,977
23Island Lake60042$2,719,340
24Long Lake60041$2,705,770
25Fox Lake60020$2,648,781
26Winthrop Harbor60096$2,014,976
27North Chicago60064$1,543,499

TOTAL

$443,309,415

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

*Assumes tax increase will meet Senate Democrats' projections.

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Top income tax-paying communities in Lake County

Which communities pay the highest income taxes in Lake County? The data below comes from the Illinois Department of Revenue, Blockshopper.com and assumes the tax increase will meet Senate Democrats' projections.

RankingCommunitiesZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Lake Forest60045$5,5799,905
2Highland Park60035$3,35514,744
3Lake Barrington / Barrington / North Barrington60010$2,65020,747
4Deerfield / Riverwoods60015$2,43613,017
5Lake Bluff60044$2,1494,692
6Libertyville / Green Oaks / Lakemoor60048$1,95214,067
7Lake Zurich / Long Grove / Hawthorn Woods / Kildeer60047$1,89319,497
8Lincolnshire60069$1,8494,063
9Vernon Hills60061$1,16712,278
10Buffalo Grove60089$1,07321,127
11Wadsworth / Beach Park (South) / Waukegan (Northwest)60083$1,0564,460
12Gurnee / Grandwood Park60031$95017,975
13Lindenhurst / Lake Villa / Venetian Village60046$91215,899
14Grayslake / Gages Lake60030$88217,277
15Mundelein / Ivanhoe60060$87317,982
16Spring Grove60081$8524,542
17Wauconda60084$7808,099
18Antioch / Channel Lake / Lake Catherine60002$77510,971
19Island Lake60042$6614,111
20Winthrop Harbor60096$6253,226
21Long Lake60041$6154,398
22Fox Lake60020$5744,613
23Round Lake Beach / Round Lake / Round Lake Park60073$56925,172
24Zion/Beach Park (North)60099$44912,541
25Waukegan (North) / Beach Park (Central)60087$43812,170
26Waukegan (Central)60085$35528,468
27North Chicago60064$2785,561

Source: Illinois Department of Revenue; Blockshopper.com

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