Personal Income: Effective January 1, 2011, the current rate is 5 percent of net income. Click here for prior year rates.
Corporate Income: For tax years beginning on or after January 1, 2011, corporations pay 7.0 % income tax and 2.5% property replacement tax.
Franchise Tax: Illinois corporations are also subject to a franchise tax. The tax is based on the share of a corporation’s paid-in capital in the state of Illinois. The initial franchise tax is imposed at the beginning of the corporation’s first year doing business in the state. The initial franchise tax rate is 0.15% of the share of paid-in capital in Illinois. The franchise tax must be no less than $25.00 and no more than $2 million. After a corporation’s first year, the franchise tax is due annually at a rate of .10%, again with a minimum of $25.00 and a maximum of $2 million.
Sales Tax: The retail sales tax rate in Morrison is 6.25%. For details on sales tax, click here.
Property Taxes: Cities and counties in Illinois receive most of their revenue through property taxes. Assessed value is 33.33% of market value. Basic levy for Morrison, IL 2010 taxes payable in 2011 (per $100 of assess valuation) was a rate of 8.7185. For a $95,000 house (assuming the taxpayer uses the homestead exemption), the tax bill would be $2,240.