Lake County taxpayers will pay an extra $443M with passage of tax hike law
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.
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|
|2||Lake Barrington/Barrington/North Barrington||60010||$54,972,193|
|4||Lake Zurich/Long Grove/Hawthorn Woods/Kildeer||60047||$36,916,710|
|11||Lindenhurst/Lake Villa/Venetian Village||60046||$14,503,111|
|12||Round Lake Beach/Round Lake/Round Lake Park||60073||$14,334,809|
|16||Antioch/Channel Lake/Lake Catherine||60002||$8,497,287|
|19||Zion/Beach Park (North)||60099||$5,624,895|
|20||Waukegan (North), Beach Park (Central)||60087||$5,324,903|
|21||Wadsworth/Beach Park (South)/Waukegan (Northwest)||60083||$4,710,474|
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats
*Assumes tax increase will meet Senate Democrats' projections.
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.
|Ranking||Communities||Zip||Average State Income Tax Increase||Total Returns filed by Zip|
|3||Lake Barrington / Barrington / North Barrington||60010||$2,650||20,747|
|4||Deerfield / Riverwoods||60015||$2,436||13,017|
|6||Libertyville / Green Oaks / Lakemoor||60048||$1,952||14,067|
|7||Lake Zurich / Long Grove / Hawthorn Woods / Kildeer||60047||$1,893||19,497|
|11||Wadsworth / Beach Park (South) / Waukegan (Northwest)||60083||$1,056||4,460|
|12||Gurnee / Grandwood Park||60031||$950||17,975|
|13||Lindenhurst / Lake Villa / Venetian Village||60046||$912||15,899|
|14||Grayslake / Gages Lake||60030||$882||17,277|
|15||Mundelein / Ivanhoe||60060||$873||17,982|
|18||Antioch / Channel Lake / Lake Catherine||60002||$775||10,971|
|23||Round Lake Beach / Round Lake / Round Lake Park||60073||$569||25,172|
|24||Zion/Beach Park (North)||60099||$449||12,541|
|25||Waukegan (North) / Beach Park (Central)||60087||$438||12,170|
Source: Illinois Department of Revenue; Blockshopper.com