Also, the system’s heavy reliance on the federal tax code means you won’t need to learn a new set of rules for filing your state return. The state’s flat rate of 4.95% means that you don’t need any tables to figure out what rate you will be paying. The income tax system in Illinois emphasizes simplicity. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. Illinois also has higher-than-average sales taxes and property taxes.Ī financial advisor can help you understand how taxes fit into your overall financial goals. The income tax rate in Illinois is 4.95%, after an increase from 3.75% in 2017. That makes it relatively easy to predict the income tax you will have to pay. The state of Illinois has a flat income tax, which means that everyone, regardless of income, is taxed at the same rate. Gas tax: 39.2 cents per gallon of regular gasoline, 46.7 cents per gallon of diesel. Property tax: 2.07% average effective rate.
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