Gov. Pat Quinn has proposed Illinois strengthen its troubled finances by freezing state income taxes shared with local municipalities at 2012 levels, reported the Chicago Tribune.
It's a move that could cause Highland Park to lose between $157,000 and $342,000.
This is based on 2010 U.S. Census numbers and state calculations showing the impact to local budgets would be $5.30 per resident, and estimations from the Illinois Municipal League that reflect the impact would be $11.50 per resident, according to the Chicago Tribune.
For the full story visit: www.ChicagoTribune.com.
Here's a look at how Quinn's proposal would impact neighboring Lake County communities.
|
Town |
Population Based on 2010 Census |
Impact Based on State Calculation of $5.30/ Resident |
Impact Based on IML Calculation of $11.50/ Resident |
|
Libertyville |
20,315 |
$107,669 |
$233,622 |
|
Vernon Hills |
25,113 |
$133,098 |
$288,799 |
|
Grayslake |
20,957 |
$111,072 |
$241,005 |
|
Lake Zurich |
19,631 |
$54,733 |
$118,760 |
|
Deerfield |
18,225 |
$96,592 |
$209,587 |
|
Lake Bluff |
5,722 |
$30,326 |
$65,803 |
|
Lake Forest |
19,375 |
$102,687 |
$222,812 |
|
Highland Park |
29,763 |
$157,743 |
$342,274 |
| Buffalo Grove | 41,496 | $219,928 | $477,204 |
| Barrington | 10,327 | $54,733 | $118,760 |