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Algonquin
Algonquin
Illinois
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Algonquin is a village in Illinois located in both McHenry and Kane counties. It is a northwest suburb of Chicago, located approximately 40 miles from the Loop. The 2010 Census placed the Village's population at 30,046, growing considerably from the 2000 Census figure of 23,276. The village is known as "The Gem of the Fox River Valley", since its downtown is nestled in the heart of Illinois' Fox River Valley. Established in 1890 and long known as a small river community, the village is making the transition into a major regional hub, as it has experienced considerable suburban growth over the past 20 years. Now stretching all the way west to the busy Randall Road corridor, Algonquin has become a major commercial center, with popular shopping centers and restaurants, as well as a growing corporate campus. Additionally, the village continues to see considerable residential growth. With this growth, the village has had to deal with challenges including traffic congestion and overburdened schools, yet has managed to increase the commercial tax base, preserve its character and history, and substantially increase its recreational offerings and quality of life.

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Taxes

C+

How did Illinois earn the grade of C+? We examined the state taxes based on how age friendly they are. Illinois has a state sales tax of 6.25%. Of particular interest is that Illinois does not have taxes on social security. There are estate taxes. There are no taxes imposed on inheritance. Illinois has an effective property tax rate of 2.32%. Weighing these taxes and other taxes most likely to impact the aging population is how Illinois earned its state tax grade of C+.

Learn more about taxes in Illinois

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