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Will County Gazette

Thursday, November 21, 2024

Analysis: Proposed K-12 budget would cost Will County residents $362M more in income taxes

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Will County residents would pay $361,714,753 more in state income taxes if the state agrees to increase school funding by $7.2 billion, according to a Will County Gazette 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, Naperville residents would see the largest average increase in Will County at $2,449 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
Naperville60564$123,750,000$167,651,684$43,901,684$2,449
Plainfield60585$48,213,000$65,317,096$17,104,096$1,837
Frankfort60423$73,755,000$99,920,404$26,165,404$1,774
Mokena60448$55,935,000$75,778,561$19,843,561$1,655
Homer Glen60491$49,252,500$66,725,370$17,472,870$1,587
Bolingbrook60490$36,283,500$49,155,474$12,871,974$1,492
Aurora60503$26,086,500$35,340,975$9,254,475$1,467
Shorewood60404$34,600,500$46,875,411$12,274,911$1,442
New Lenox60451$66,330,000$89,861,303$23,531,303$1,407
Manhattan60442$17,226,000$23,337,114$6,111,114$1,320
Monee60449$14,503,500$19,648,777$5,145,277$1,297
Channahon60410$21,136,500$28,634,908$7,498,408$1,269
Crete60417$23,958,000$32,457,366$8,499,366$1,223
Joliet60431$36,234,000$49,088,413$12,854,413$1,217
Minooka60447$21,879,000$29,640,818$7,761,818$1,210
Plainfield60544$41,530,500$56,263,905$14,733,405$1,209
Elwood60421$6,187,500$8,382,584$2,195,084$1,189
Lockport60441$50,490,000$68,401,887$17,911,887$1,167
Peotone60468$8,910,000$12,070,921$3,160,921$1,095
Beecher60401$11,088,000$15,021,591$3,933,591$1,071
Wilmington60481$15,741,000$21,325,294$5,584,294$1,020
Braidwood60408$7,375,500$9,992,040$2,616,540$998
Bolingbrook60440$59,400,000$80,472,808$21,072,808$918
Romeoville60446$44,451,000$60,220,485$15,769,485$910
Joliet60435$53,460,000$72,425,527$18,965,527$877
Crest Hill60403$19,800,000$26,824,269$7,024,269$847
Steger60475$9,355,500$12,674,467$3,318,967$779
Joliet60436$14,899,500$20,185,263$5,285,763$692
Joliet60433$12,771,000$17,301,654$4,530,654$664
Joliet60432$14,998,500$20,319,384$5,320,884$623

Total$361,714,753

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

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