Chief Financial Officer Cory Staley | Illinois Department of Revenue
Chief Financial Officer Cory Staley | Illinois Department of Revenue
In total, Mount Prospect residents paid $3.5 million in sales taxes during August.
Mount Prospect also ranked 13th in the Prairie State the month before, with $3.7 million spent in sales taxes.
The Municipal Sales Tax accounted for the largest share of sales taxes paid by Mount Prospect residents in August.
In Illinois, Municipal Sales Taxes, typically set at 1%, are combined with the state sales tax of 5% and a county tax of 0.25%, resulting in a total state tax rate of 6.25%. These taxes vary at local level and are aimed at diverse municipal needs, like infrastructure and public services. The revenue generated from these taxes is destined to fund local government operations, public safety, education, and community development projects.
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 Sales Tax | $2,806,752 | -6.3 |
| Municipal Home Rule Sales Tax | $620,729 | -6.2 |
| Business District Tax | $26,409 | -7.5 |
| Municipal Automobile Renting Tax | $5,672 | 1,253.7 |
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