Compare taxes and see how much you save moving from New York to Illinois
Illinois has flat 4.95% income tax (6.20% in Chicago), while New York charges progressive 4-10.9% state rates plus NYC adds 3.078-3.876% city tax. Moving from NYC to Chicago saves $3,135/year on $100k income. Property taxes are nearly identical (NY 1.72% vs IL 2.08%). Overall, Illinois offers tax savings for high earners, while NYC's low property tax (0.9% in Manhattan) benefits expensive homeowners. NYC-to-Chicago finance migration continues.
Progressive + NYC Tax
State 4-10.9% + NYC 3.078-3.876%
Flat Rate
Flat 4.95% (6.20% in Chicago)
At $100,000 income:
That is $261/month back in your pocket!
| Income | NY Tax | IL Tax | Savings | 10-Year |
|---|---|---|---|---|
| $50,000 | $3,540 | $3,100 | $440 | $4,400 |
| $100,000 | $9,335 | $6,200 | $3,135 | $31,350 |
| $200,000 | $19,854 | $12,400 | $7,454 | $74,540 |
| $500,000 | $55,476 | $31,000 | $24,476 | $244,760 |
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Moving from New York to Illinois? Multi-state returns are tricky—NYC city tax, partial-year residency, different deadlines. Get matched with a CPA who specializes in state moves.
⚠ Not for simple single-state returns. Free filing is fine for straightforward W-2 situations.
Get Matched With a CPA →On $100,000 income, Chicago saves $3,135/year in income tax (NYC 9.93% vs Chicago 6.20%). Over 10 years: $31,350. On $200,000: $7,454/year ($74,540 over 10 years). However, Chicago property tax is higher (2.08% vs Manhattan 0.9%), so expensive homeowners ($1M+) may see reduced savings. Renters benefit most from the move.
NYC Manhattan property tax is unusually low: ~0.9% effective rate (unique assessment system). Chicago/Cook County: 2.0-2.5% (2nd highest in US). On a $700k home: Manhattan pays $6,300/year, Chicago pays $14,560/year—difference of $8,260/year. This can fully offset income tax savings for expensive homeowners. However, most people rent in NYC, avoiding property tax.
Yes. Post-2020 remote work enabled NYC hedge fund traders/analysts to relocate to Chicago while keeping high salaries. Many firms have Chicago offices (CBOE, CME trading). In 2023, 18,472 people moved NY → IL (vs 9,834 IL → NY), net gain of 8,638 for Illinois. Primary drivers: lower income tax, housing affordability, remote work.
NYC: World-class culture, diversity, 24/7 energy, best finance jobs. Chicago: Cleaner, more affordable (41% cheaper), great architecture/food, less crowded. Both have harsh winters, good public transit. Choose NYC for career max and culture. Choose Chicago for affordability and work-life balance.