Will tax rates be changing where you live?

Photo courtesy of Bigstock

With the start of each New Year, tax rates change, and in Illinois, REALTORS® will notice a change in the state income tax and some local sales tax rates.

According to information from the Illinois Retail Merchants Association, starting Jan. 1, 2015, the Illinois income tax rate will go down to 3.75 percent for individuals and to 5.25 percent for corporations.

The Illinois Department of Revenue also provides a list of communities that will see changes Jan. 1 in sales tax for general merchandise. Check the list to see if you’re affected.

Leave a Reply

Your email address will not be published. Required fields are marked *