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Rockford Sun

Monday, November 25, 2024

Income tax hike will cost Caledonia residents $1,414,880.29 more this year, ranked 3rd in Boone County

Property tax 1

Caledonia taxpayers will pay an additional $1,414,880.29 in income taxes this year, according to an analysis by Local Government Information Services (LGIS).

LGIS combined Illinois Department of Revenue data with a forecast by Senate Democrats to estimate how much additional income tax will be paid in each Illinois city.

Caledonia's estimated increase in income tax payments ranks third out of 5 Boone County cities, with an average increase of $1,031.25 per person. All told, the entire Boone County will collectively pay an extra $13,993,257.08 in income taxes this year, according to the analysis.

Retroactive to July 1, the higher rate now 4.95 percent, up from 3.75 percent will be withheld from employee paychecks over the remaining six months of 2017.

Before the hike, someone earning $50,000 paid $72 in state income tax per paycheck. That person will now pay $95, or an additional $600 per year.

Senate Democrats estimate the tax hike will siphon $4.453 billion more this year from individual taxpayers. Businesses will pay another $1 billion.

The following table shows how cities within Boone County compare:

City
Estimated increase
Ranking
Belvidere
$8,917,756.51
1
Poplar Grove
$2,864,136.23
2
Caledonia
$1,414,880.29
3
Capron
$463,381.13
4
Garden Prairie
$333,102.92
5

Here's how all cities within the Rockford Sun coverage area will fare under the tax hike:

County
City
Estimated increase
Winnebago
Rockford
$38,854,900.95
Boone
Belvidere
$8,917,756.51
Winnebago
Roscoe
$7,415,759.91
Winnebago
Loves Park
$5,933,067.38
Winnebago
Machesney Park
$5,009,897.72
Winnebago
Rockton
$3,587,470.19
Boone
Poplar Grove
$2,864,136.23
Winnebago
South Beloit
$2,671,003.16
Winnebago
Winnebago
$1,939,500.48
Winnebago
Cherry Valley
$1,668,403.87
Boone
Caledonia
$1,414,880.29
Winnebago
Pecatonica
$1,120,798.87
Winnebago
Durand
$724,665.07
Boone
Capron
$463,381.13
Boone
Garden Prairie
$333,102.92
Winnebago
Shirland
$33,832.84
Winnebago
Seward
$21,699.22

The following cities will experience the highest estimated increase:

County
City
Estimated increase
Sangamon
Springfield
$42,257,034.74
Winnebago
Rockford
$38,854,900.95
Peoria
Peoria
$35,750,546.94
McLean
Bloomington
$26,015,757.78
Saint Clair
Belleville
$24,013,638.46
Macon
Decatur
$18,513,548.57
Adams
Quincy
$13,606,291.30
Madison
Edwardsville
$12,695,537.58
McLean
Normal
$11,862,626.89
Rock Island
Moline
$11,263,559.71

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