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Saturday, April 20, 2024

Analysis: Proposed K-12 budget would cost Metro Rockford residents $141M more in income taxes

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Metro Rockford residents would pay $140,734,253 more in state income taxes if the state agrees to increase school funding by $7.2 billion, according to a Rockford Sun analysis of Illinois Department of Revenue data.

Superintendent Tony Smith called for increasing K-12 public schools funding to $50 billion next year, or $27,000 per student. Smith hasn’t said where he expects the new money to come from.

The state raised income taxes by 32 percent just six months ago, in part to fund a new school spending plan. If the superintendent's plan goes through unchanged, Rockford residents would see the largest average increase in Metro Rockford at $1,703 per household.

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How much more will your community pay?

CityZipCurrent income taxIncome tax under proposed planIncrease by zip codeAverage household increase
Rockford61125$715,376$969,163$253,787$1,703
Rockford61114$30,591,000$41,443,496$10,852,496$1,480
Rockford61112$122,451$165,892$43,441$1,448
Caledonia61011$5,346,000$7,242,553$1,896,553$1,382
Roscoe61073$34,452,000$46,674,229$12,222,229$1,334
Rockford61107$47,223,000$63,975,883$16,752,883$1,214
Winnebago61088$9,256,500$12,540,346$3,283,846$1,170
Cherry Valley61016$7,920,000$10,729,708$2,809,708$1,151
Rockton61072$16,186,500$21,928,840$5,742,340$1,125
Poplar Grove61065$13,464,000$18,240,503$4,776,503$1,051
Durand61024$3,495,668$4,735,795$1,240,127$1,046
Belvidere61008$42,421,500$57,470,997$15,049,497$1,015
South Beloit61080$12,573,000$17,033,411$4,460,411$1,002
Pecatonica61063$5,445,000$7,376,674$1,931,674$988
Loves Park61111$27,769,500$37,621,038$9,851,538$923
Rockford61126$404,622$548,166$143,544$914
Rockford61108$29,650,500$40,169,343$10,518,843$831
Seward61077$105,216$142,543$37,327$829
Machesney Park61115$24,403,500$33,060,912$8,657,412$828
Shirland61079$172,952$234,309$61,357$818
Capron61012$2,222,078$3,010,385$788,307$814
Rockford61103$21,532,500$29,171,393$7,638,893$812
Rockford61109$25,146,000$34,066,822$8,920,822$778
Rockford61105$195,132$264,358$69,226$761
Rockford61102$13,167,000$17,838,139$4,671,139$683
Rockford61101$13,860,000$18,776,989$4,916,989$637
Rockford61104$8,860,500$12,003,861$3,143,361$494

Total$140,734,253

Sources: Illinois Department of Revenue; Blockshopper.com; Illinois State Board of Education

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