in All LCP Communities Events Members News

Home » Why Lake County? » Cost Competitive Location

Why Lake County? Access To Markets Educated Workforce Respected Address Top Ten Lists Cost Competitive Location Utilities Collaboration		Cost Competitive Location Our state tax rates are very competitive with other top business location states, resulting in lower business costs. More Information Illinois’ corporate income tax is a flat rate of 7.3% and is based on reported federal income. The personal income tax rate is a flat 3%. The average unemployment tax rate for Illinois is 2.5% and the new employers unemployment tax rate is 3.3%. The taxable wage base is $9,000. Lower real estate taxes. Lake County offers an attractive location for businesses to grow and prosper. In a recent study conducted by Deloitte & Touche, it was noted that "Lake County has a marketable advantage over Chicago," offering an attractive alternative to the higher real estate taxes found in the downtown area. Lower labor costs. Despite the county’s high level of affluence, Lake County business leaders characterize the cost of unskilled and semi-skilled labor as "surprisingly competitive." Workers compensation in Illinois is managed through self-insurance. Rates vary according to company history, size, and product. However, the average workers compensation insurance rate is 2.5%. Source: Illinois Department Revenue & Illinois Department of Commerce and Economic Opportunity

28055 Ashley Circle, Suite 212, Libertyville, IL 60048 Phone: (847) 247-0137  |  Fax: (847) 247-0423  |  Email: lcp@lakecountypartners.com Copyright © 2006 Lake County Partners 501(c)3. All Rights Reserved. Terms of Use | Security & Privacy Notice