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East Central Reporter

Wednesday, April 24, 2024

Analysis: Income tax hike will cost Coles County residents $10.7M more this year

Mattoon

Citizens of Mattoon are projected to experience a tax increase of $5,192,259 this year | Wikimedia Commons

Citizens of Mattoon are projected to experience a tax increase of $5,192,259 this year | Wikimedia Commons

Coles County residents will pay an additional $10,786,754 in state 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 zip code.

The following Coles County communities will pay the most: Mattoon ($5,192,259 total/$543 per person), Charleston ($4,134,522/$524), Humbodlt ($358,353/$694) and Lerna ($341,701/$629). 

Retroactive to July 1, the higher rate -- now 4.95 percent, up from 3.75 percent -- will be withheld from employee paychecks over the last 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.

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How much more will your community pay?

State income taxes have increased to 4.95 percent from 3.75 percent. This chart shows how much more taxpayers in your community will pay for state government.

RankingCommunityZipEstimated State Income Tax Increase
1Mattoon61938$5,192,259
2Charleston61920$4,134,522
3Humboldt61931$358,353
4Lerna62440$341,701
5Oakland61943$341,180
6Ashmore61912$301,684
7Trilla62469$117,056

Total

$10,786,754

Sources: Illinois Department of Revenue; Blockshopper.com

 

Top income tax-paying communities in Coles County

This chart shows the ranking of communities by highest income taxes paid in Coles County.

RankingCommunityZipAverage State Income Tax IncreaseTotal Returns filed by Zip
1Humboldt61931$694516
2Lerna62440$629543
3Trilla62469$585200
4Mattoon61938$5439,565
5Ashmore61912$525575
6Charleston61920$5247,893
7Oakland61943$489698
Sources: Illinois Department of Revenue; Blockshopper.com; Illinois Senate Democrats

*Assumes tax increase will meet Senate Democrats' projections.

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