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Kendall County Times

Friday, November 22, 2024

Analysis: Proposed K-12 budget would cost Kendall County residents $79.5M more in income taxes

Moneypens

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Kendall County residents would pay $79,536,220 more in state income taxes if the state agrees to increase school funding by $7.2 billion, according to a Kendall County Times analysis of Illinois Department of Revenue data.

Superintendent Tony Smith called for increasing K-12 public schools funding to $50 billion next year, or $27,000 per student. Smith hasn’t said where he expects the new money to come from.

The state raised income taxes by 32 percent just six months ago, in part to fund a new school spending plan. If the superintendent's plan goes through unchanged, Oswego residents would see the largest average increase in Kendall County at $1,399 per household.

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How much more will your community pay?

CityZipCurrent income taxIncome tax under proposed planIncrease by zip codeAverage household increase
Millbrook60536$449,702$609,238$159,536$1,399
Oswego60543$63,360,000$85,837,662$22,477,662$1,352
Yorkville60560$40,144,500$54,386,206$14,241,706$1,341
Newark60541$4,685,434$6,347,643$1,662,209$1,276
Bristol60512$2,003,947$2,714,869$710,922$1,236
Plainfield60586$64,845,000$87,849,482$23,004,482$1,177
Montgomery60538$33,115,500$44,863,591$11,748,091$1,005
Plano60545$15,592,500$21,124,112$5,531,612$976

Total$79,536,220

Sources: Illinois Department of Revenue; Blockshopper.com; Illinois State Board of Education

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