Illinois voters rejected a graduated income tax amendment in 2020. The 4.95% flat rate remains law — modeled in our calculators with Chicago (no local wage tax). This article covers pending fiscal pressure, not enacted exit taxes.
What policymakers still debate
- Rate increases without a formal “exit tax” label
- Pension and budget pressure in Springfield
- Occasional revival of graduated-tax rhetoric — politically difficult after 2020
Chicago vs. downstate
Our defaults use Chicago metro home prices via state averages. Collar-county homeowners may pay more property tax than the model — edit property calculator inputs.
What to do
- Compare IL → TX savings (~$19,600+/yr on defaults)
- Read IL exit & residency
- Plan part-year returns with a CPA in the year you move
Related: Illinois relocation guide · Open calculators
Disclaimer: This article is general information only — not tax, legal, or financial advice. Tax laws change frequently; residency and exit-tax rules depend on your specific facts. Consult a qualified CPA, tax attorney, or licensed advisor before changing domicile or selling assets.
Run your numbers before you move
Estimate income, property, sales, and living-cost savings with our free calculators — then talk to us about the move and getting your business running on day one.