Tax Comparison: Fort smith, AR vs Hoffman estates, IL
Understanding Your Tax Burden
This page compares the three main types of taxes between Fort smith, AR and Hoffman estates, IL: property tax, income tax, and sales tax. Each of these has a different impact on your overall cost of living.
Property Tax Comparison
Property taxes are collected by local governments and used to fund schools, infrastructure, and other local services. They're typically based on the assessed value of your property.
Our property tax estimates are based on:
- U.S. median home value: $419,200 (2023 data)
- Local effective tax rates for both cities
Fort smith, AR
$2,730
Based on a $419,200 home
Rate: 0.6512%
Hoffman estates, IL
$8,314
Based on a $419,200 home
Rate: 1.9833%
| Data | Fort smith, AR | Hoffman estates, IL |
|---|---|---|
| Effective Property Tax Rate | 0.6512% | 1.9833% |
| Estimated Property Tax | $2,730 | $8,314 |
| Home Value Used | $419,200 | $419,200 |
Comparison: Property taxes in Fort smith, AR are $5,584 lower than in Hoffman estates, IL for the same home value.
State Income Tax Comparison
Income tax rates and brackets vary by state, impacting residents' overall tax burden. The estimates below are based on standard deductions and typical filing scenarios.
Our income tax estimates consider:
- Single filer: $100,000 annual income
- Married couple: $200,000 combined income
- Median income: $80,600 annual income
AR
2%-4.4%
Single: $3,625
Married: $6,525
IL
4.95%.
Single: $4,950
Married: $8,910
| Data | AR | IL |
|---|---|---|
| Tax Rate | 2%-4.4% | 4.95%. |
| Single Filer ($100k) | $3,625 | $4,950 |
| Married Couple ($200k) | $6,525 | $8,910 |
| Median Income ($80.6k) | $3,145 | $3,989 |
Comparison: Income taxes in AR are $844 lower than in IL for the median household income.
Sales Tax Comparison
Sales tax rates vary by location and can have a significant impact on your day-to-day expenses. These include state, county, city, and special district taxes that together form the total sales tax rate.
Our sales tax estimates consider:
- Average household taxable spending: $15,500 per year
- Combined state and local rates for both cities
Fort smith, AR
12.625%
Combined rate
Annual sales tax: $1956
(Based on $15,500 spending)
Hoffman estates, IL
11.000%
Combined rate
Annual sales tax: $1705
(Based on $15,500 spending)
| Data | Fort smith, AR | Hoffman estates, IL |
|---|---|---|
| State Sales Tax | 6.50% | 6.25% |
| Combined Sales Tax | 12.625% | 11.000% |
| Annual Tax Amount | $1,956 | $1,705 |
Comparison: Shopping in Hoffman estates, IL costs $251 less in annual sales tax than in Fort smith, AR for the average household.
Tax Comparison Insights
Tax Insights: Fort smith vs Hoffman estates
- Property Tax: Fort smith has a 1.3321 percentage points lower effective property tax rate than Hoffman estates.
- Income Tax: Living in AR could save you approximately $844 in state income taxes for a median household income.
- Sales Tax: The combined sales tax rate in Hoffman estates is 1.63 percentage points lower than in Fort smith.
Overall Tax Burden Comparison
Fort smith, AR
$7,830
Combined annual tax burden
Property
$2,730
Income
$3,145
Sales
$1,956
Hoffman estates, IL
$14,007
Combined annual tax burden
Property
$8,314
Income
$3,989
Sales
$1,705
Overall Comparison: Fort smith, AR has an estimated $6,177 lower total tax burden than Hoffman estates, IL based on our standard scenarios.
Important Tax Disclaimer
The tax information provided above is based on publicly available data and standard assumptions. Actual tax situations will vary based on:
- Individual financial circumstances
- Applicable deductions and credits
- Recent changes in tax laws
- Personal spending habits
- Local variations within cities and counties
This comparison is intended for general informational purposes only and should not be considered tax advice. For specific guidance regarding your tax situation, please consult with a qualified tax professional.