Quantcast

Kane County Reporter

Sunday, November 24, 2024

Montgomery residents rank 90th in total sales taxes paid in Illinois for October 2023

Webp david harris 3

Director David Harris | Illinois Department of Revenue

Director David Harris | Illinois Department of Revenue

Montgomery taxpayers ranked 90th in total sales taxes paid per municipality in October 2023, according to Illinois tax records.

In total, Montgomery residents paid $924,258 in sales taxes during October 2023.

Montgomery ranked 96th in the Prairie State the month before, with $936,926 spent in sales taxes.

The Municipal Sales Tax accounted for the largest share of sales taxes paid by Montgomery residents in October 2023.

In Illinois, Municipal Sales Taxes, typically set at 1%, are combined with the state sales tax of 5% and a county tax of 0.25%, resulting in a total state tax rate of 6.25%. These taxes vary at local level and are aimed at diverse municipal needs, like infrastructure and public services. The revenue generated from these taxes is destined to fund local government operations, public safety, education, and community development projects.

As of 2021, Illinois was the highest taxed state in the US. A study from Wallet Hub found Illinois taxes were 39.83% higher than the national average.

Illinois governor J. B. Pritzker is accused of adding more than $5.2 billion in new or higher taxes since coming into power in early 2019. As a business owner, he has a fortune of more than $3 billion, largely based on his family's wealth and connections.

Composition of Sales Tax Revenue in Montgomery in October 2023
Municipal Sales Tax [60.5%]Non-Home Rule Sales Tax [39.5%]

Sales Taxes Collected in Montgomery in October 2023
Type of TaxAmount Collected in Month% Change From Previous Month
Municipal Sales Tax$558,974-1.9
Non-Home Rule Sales Tax$365,284-0.5

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