ROCKFORD, Ill. (WTVO) — A new study has determined that the tax burden to Illinois residents is the greatest out of all 50 states in the U.S.
According to a report by personal finance publication Kiplinger, Illinois averages $2,048 in property taxes per $100,000 of home value, compared to $635 for Wyoming, the most tax-friendly state.
Illinois wasn’t the only Midwestern state in to land in the 10 worst spots, which also included Wisconsin, Ohio and Iowa.
According to the study, “Illinois’ economic woes are one reason why the Prairie State tops our list of the least tax-friendly states in the country. The state ranks #50 in the latest ranking of states’ fiscal health by the Mercatus Center at George Mason University, and residents are paying the price with higher taxes.
“The state’s 4.95% flat income tax rate actually isn’t that high when compared to other states, but other taxes are a doozy. For example, property taxes in Illinois are the second-highest in the nation. On a $400,000 home in the state, the average annual property tax bill would be an eye-popping $9,634.
“Sales taxes are high, too. In some municipalities, combined state and local sales taxes exceed 10%. Most states exempt food and drugs from their sales tax, but that’s not the case in Illinois.”