![]() Gas and diesel: Illinois residents pay state sales tax (6.25 percent) in addition to a motor fuel tax on gas and diesel.But some other products, including medicine and hygiene products, are still taxed. This includes infant formula, coffee and prepackaged, unheated meals. Grocery tax: Groceries, medicine and hygiene products usually are taxed at 1 percent in Illinois, but state lawmakers paused the tax on most grocery items through June 30, 2023. ![]() In Chicago, the combined sales tax is 10.25 percent. The average combined sales tax rate in Illinois is 8.82 percent, according to the Tax Foundation. Municipalities also may levy a local sales tax, which can be no more than 4.75 percent. Sales tax: Consumer goods and services are taxed at 6.25 percent statewide.Illinois does not tax personal property, such as boats, cars and RVs. Other exemptions include the senior citizens homestead exemption - more information is available below.Ĭontact your county assessor or go to the Department of Revenue’s website for more information on property tax relief. Most homeowners qualify for the general homestead exemption, which lowers your home’s equalized assessed value, or its partial value used when calculating your property taxes. Lake County has the highest median property taxes paid at $7,724, according to 2020 data from the Tax Foundation, while Pulaski County near the Kentucky border has the lowest at $601. Property taxes vary by municipality, but northeastern Illinois - including Chicago - has significantly higher property taxes than the rest of the state. There are multiple factors used to determine your property tax bill in Illinois, including the assessed value of your home and your local tax rate.Īt 2.08 percent, the average property tax rate in Illinois is the second highest in the country, according to the Tax Foundation. Up to 85 percent of your benefits will be taxed by the federal government if your total income is more than $34,000 individually or $44,000 as a couple.ĪARP's Social Security Calculator can assist you in determining when to claim and how to maximize your Social Security benefits. Up to 50 percent of your benefits will be taxed if you file an individual tax return and make $25,000 to $34,000 in total income - or if you file jointly and as a couple make $32,000 to $44,000 in total income. No, but you may pay federal taxes on a portion of your Social Security benefits, depending on your income. Investment income is taxed at 4.95 percent - the same tax rate as other income.ĭoes Illinois tax Social Security benefits? Illinois doesn’t tax pension distributions or retirement plan income, including IRAs, 401(k) plans and government retirement plans.ĪARP's retirement calculator can help you determine if you are saving enough to retire when - and how - you want. H&R Block ® is a registered trademark of HRB Innovations, Inc.Understanding Your 2022 Federal Income Tax TurboTax ® is a registered trademark of Intuit, Inc. IRS Standard Deduction: Federal Standard Deductions.Other Standard Deductions by State: Compare State Standard Deduction Amounts.Illinois does not have standard and itemized deductions, nor do they use the federal standard deduction amounts. Illinois Standard and Itemized Deductions For your personal Effective IRS Tax Rate use the RATEucator ToolĢ021 Illinois net income is taxed at a 4.95% flat rate.Income Tax Brackets for Other States: Compare State Tax Brackets, Rates.Illinois Tax Brackets for Tax Year 2022Ģ022 Illinois net income is taxed at a 4.95% flat rate. When you prepare your return on this is all calculated for you. Your Illinois Income is based on a flat tax rate. Income Tax Brackets, Rates, Income Ranges, and Estimated Taxes Due Calculate and Estimate your IRS Income Tax Brackets and Rates with the eFile RATEucator.
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