We pay very high taxes when compared to other states. According to a study done by the personal finance site, Money Geek, property taxes in Illinois are nearly the highest in the country. It is second only to New Jersey.
Many Illinoisans struggle to make ends meet paying over 2% of their average household income in property taxes alone as compared to Florida where they pay only 0.91%.
The average middle-class family in Illinois pays taxes of $12,742 representing about 13.3% of income. This includes state income, sales, and property taxes.
Nevada has the lowest taxes. They pay an average of $2,949 in annual state taxes. That’s a savings of $9,524 per year if an Illinoian can move to Nevada.
Screen shot of moneygeek.com study of state taxes with Illinois selected
It’s no wonder many of those who can move or can work remotely for businesses based in Illinois choose to live nearly anywhere else in the country.
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