Chief Financial Officer Cory Staley | Illinois Department of Revenue
Chief Financial Officer Cory Staley | Illinois Department of Revenue
In total, Sycamore residents paid $974,782 in sales taxes during January.
Sycamore ranked 90th in the Prairie State the month before, with $927,446 spent in sales taxes.
The Municipal Home Rule Sales Tax accounted for the largest share of sales taxes paid by Sycamore residents in January.
In Illinois, the Municipal Home Rule Sales Tax applies to a broad range of general merchandise. It operates similar to the state sales tax, but excludes certain items like vehicles and specific foods, drugs, and medical appliances that require state agency titling or registration. While this tax can be set in small increments with no maximum limit, it's important to note that not all municipalities choose to implement it. The revenue generated is destined to local services and infrastructure needs.
As of 2021, Illinois was the highest taxed state in the US. A study from Wallet Hub found Illinois taxes were 39.83% higher than the national average.
Illinois governor J. B. Pritzker is accused of adding more than $5.2 billion in new or higher taxes since coming into power in early 2019. As a business owner, he has a fortune of more than $3 billion, largely based on his family's wealth and connections.
| Type of Tax | Amount Collected in Month | % Change From Previous Month |
|---|---|---|
| Municipal Home Rule Sales Tax | $487,412 | 5.2 |
| Municipal Sales Tax | $487,370 | 5 |
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