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Grundy Reporter

Friday, November 22, 2024

Analysis: Proposed K-12 budget would cost Grundy County residents $19.9M more in income taxes

Budget 11

Grundy County residents would pay $19,864,210 more in state income taxes if the state agrees to increase school funding by $7.2 billion, according to a Grundy Reporter 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, Verona residents would see the largest average increase in Will County at $1,254 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
Verona60479$1,099,675$1,489,797$390,122$1,254
Morris60450$33,066,000$44,796,530$11,730,530$1,204
Gardner60424$3,269,325$4,429,155$1,159,830$1,127
Coal City60416$13,216,500$17,905,200$4,688,700$1,089
Mazon60444$2,371,044$3,212,198$841,154$1,076
So Wilmington60474$1,067,499$1,446,207$378,708$1,043
Kinsman60437$219,382$297,211$77,829$916
Braceville60407$1,683,771$2,281,108$597,337$821

Total$19,864,210

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

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