Illinois Tax Rates and Migration
Illinois doesn’t make tax headlines as often as high-cost states like California, New York, New Jersey, and Massachusetts. However, it’s still a burden for high earners. Average property and sales tax rates are among the highest in the country, even though its individual income tax rate of 4.95% is not particularly egregious.
- Inflow: 5,731
- Outflow: 14,862
- Net Migration: -9,131
Tax Rates in Illinois
Illinois may not be known for its high-profile tax rates, but it still poses a burden for high earners. Here are some key points:
- Average property and sales tax rates in Illinois are among the highest in the country.
- The individual income tax rate in Illinois is 4.95%, which is not particularly high compared to other states.
While Illinois may not make tax headlines as frequently as other high-cost states, its tax rates can still be a burden for high earners. With high property and sales tax rates, individuals and businesses in Illinois face financial challenges. It’s important for residents to be aware of these rates and plan their finances accordingly.