Tax Rate
Businesses and residents are subject to a combination of state, county, and city taxes. These include income tax, property tax, sales tax, and various other fees and assessments. The specific rate applicable depends on various factors, including property value, income level, and business activity.
Here are some key tax details for Elgin:
Kane County
| Taxing Jurisdiction | Rate |
|---|---|
| Illinois state sales tax | 6.25% |
| Elgin tax | 1.5% |
| Special tax | 0.75% |
| Kane County | 0% |
| Combined tax rate | 8.50% |
Cook County
| Taxing Jurisdiction | Rate |
|---|---|
| Illinois state sales tax | 6.25% |
| Elgin tax | 1.5% |
| Special tax | 1% |
| Cook County | 1.75% |
| Combined tax rate | 10.50% |
Property Tax
Property taxes in Elgin are determined by the assessed value of real estate properties. The tax rate is set by different taxing bodies, including the city of Elgin, Kane County, local school districts, and other local government entities. The specific tax rate may vary depending on the location and classification of the property.
Federal Tax
Businesses and individuals in Elgin are subject to federal taxes, including income taxes, payroll taxes, and self-employment taxes. These federal taxes are administered by the Internal Revenue Service (IRS).
Other Taxes & Fees
There may be additional taxes and fees, such as utility taxes, hotel taxes, and licensing fees. The specific rates and requirements for these taxes and fees may vary.
Elgin has a lower cost of doing business than many other Illinois cities
Let's Navigate the Tax Landscape Together
Whether you're launching a groundbreaking startup or establishing a thriving business, navigating the intricate tapestry of tax regulations can be a complex process. We're here to empower you with the contacts and guidance you need to optimize your tax situation and propel your business forward.