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Business Climate

Business Costs

Illinois’ corporate income tax rate is one of the lowest in the Midwest and lower than California and New York

Illinois’ rate will revert to 5.15% in 2015

Illinois’ effective tax rate is the 5th lowest in the U.S.

Corporate Tax Rate

Indiana

8.5%

Pennsylvania

9.9%

Wisconsin

7.9%

New Jersey

9%

Illinois

7%

California

8.84%

Missouri

6.25%

New York

7.1%

Michigan

6.25%

Florida

5.5%

Kentucky

4.6%

* Rate will revert to 5.15 after 2015

Effective Tax Rate

US Median

7.3%

Michigan

7.2%

Missouri

7.1%

Indiana

6.8%

Illinois

4.6%

5th lowest in US

Wisconsin

4.5%

Effective tax rate  on new investment accounts for all deductions and credits offered

Source: Metropolis Chicago
Municipal Costs
(selected criteria)

In an analysis of 16 data points, Elk Grove Village comes out among nearby peer communities as having the lowest costs. The below table highlights select criteria that impacts businesses and residents.

Elk Grove Village

Park Ridge

Mount Prospect

Schaumburg

Des Plaines

Arlington Heights

Hoffman Estates

Rolling Meadows

Palatine

Estimated Property Tax Bill $300,000 Home

Tax Rate

7.428

7.830

7.913

8.481

9.090

8.330

8.970

8.606

12.831

$6,619.69

$6,977.94

$7,051.91

$7,558.10

$7,209.65

$7,423.53

$7,993.88

$7,669.50

$11,434.73

Water/Sewer  per 1,000 gallons Usage

$8.50

$6.63

$8.42

$7.68

$6.65

$5.05

$7.76

$9.90

$3.90

No User Fee

$11.92 monthly fee

$5.00 monthly fee

$2.60 monthly fee

No User Fee

$5.20 monthly fee

$4.75 monthly fee

$6.36 monthly fee

$11.25 monthly fee

Telecom Tax

5%

6%

6%

6%

6%

6%

6%

6%

6%

Natural Gas Tax

.010

.020

.0147

.025

.050

Total Annual User Cost

$7,774

$8,127

$8,185

$8,344

$8,348

$8,369

$9,143

$9,187

$12,405

Elk Grove does not charge a: local fuel tax, water sewer user fee, amusement tax, water utility tax, gas utility tax, or a electricity user tax.

Source: Elk Grove Village Finance Dept.