Quantcast

Kankakee Times

Friday, November 22, 2024

Income tax hike will cost Momence residents $1,190,722.62 more this year, ranked 6th in Kankakee County

Property tax 4

Momence taxpayers will pay an additional $1,190,722.62 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.

Momence's estimated increase in income tax payments ranks sixth out of 15 Kankakee County cities, with an average increase of $458.85 per person. All told, the entire Kankakee County will collectively pay an extra $24,652,949.03 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 Kankakee County compare:

City
Estimated increase
Ranking
Bourbonnais
$7,966,212.62
1
Kankakee
$6,220,809
2
Manteno
$3,071,826.22
3
Bradley
$2,092,778.23
4
Saint Anne
$1,271,641.48
5
Momence
$1,190,722.62
6
Grant Park
$918,012.84
7
Herscher
$602,205.10
8
Bonfield
$472,594.42
9
Essex
$346,026.41
10
Reddick
$205,536.39
11
Buckingham
$159,971.70
12
Aroma Park
$85,737.58
13
Union Hill
$27,783
14
Hopkins Park
$21,091.42
15

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

County
City
Estimated increase
Kankakee
Bourbonnais
$7,966,212.62
Kankakee
Kankakee
$6,220,809
Kankakee
Manteno
$3,071,826.22
Kankakee
Bradley
$2,092,778.23
Kankakee
Saint Anne
$1,271,641.48
Kankakee
Momence
$1,190,722.62
Kankakee
Grant Park
$918,012.84
Kankakee
Herscher
$602,205.10
Iroquois
Chebanse
$590,508.52
Kankakee
Bonfield
$472,594.42
Kankakee
Essex
$346,026.41
Kankakee
Reddick
$205,536.39
Kankakee
Buckingham
$159,971.70
Kankakee
Aroma Park
$85,737.58
Kankakee
Union Hill
$27,783
Kankakee
Hopkins Park
$21,091.42

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

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS