Boone County is a Solution for Inflation
19 Sep 2022
Inflation has moved to the forefront of the economic environment across the country, impacting everything from manufacturing supply parts to groceries. According to the U.S. Bureau of Labor, the Consumer Price Index for All Urban Consumers (CPI-U) across the country increased 8.3% from August 2021 to August 2022. While energy cost increases slowed in August 2022, the prices of nearly all aspects of consumer purchases, like food, shelter, medical care and recreation, continue to rise.
The U.S. Bureau of Labor also reported a slightly higher CPI-U of 8.8% in the Chicago-Naperville-Elgin area over the same 12-month period. All this means businesses and residents of that area are seeing their cost of goods soar while paying for it in their monthly bills. Each group is left to question how they can save money. Relocating to Boone County could be the answer, with multiple ways to save money in this community committed to business growth and quality living.
Boone County could be your solution!
Lower your taxes by moving to Boone County.
Reduced tax rates allow a family to make more each paycheck, even if their salary doesn’t go up. The best part of this strategy is that it continues to yield dividends year after year. Even when inflation calms down, people in Boone County will still benefit from having lower taxes.
The Illinois sales tax rate is 6.25%. Boone County’s sales tax rate is 1.5%, resulting in a minimum sales tax rate of 7.75%. City and local government sales tax rates vary, but Boone County’s maximum sales tax rate is 8.75%. By comparison, the maximum sales tax rate in the Chicago-Naperville-Elgin (CNE) MSA ranges from 10.5% to 11.5%
Lower your cost of living in Boone County.
It’s more affordable for families living in Boone County than in most U.S. states, an important factor for business owners and their employees. In the first quarter of 2022, Boone County’s overall cost of living was 85.8, an extremely cost-friendly rating compared to much of Illinois.
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The impact of those differences is real money in consumers’ pockets. The median household value in Boone County is $182,400, compared to $274,200 in the MSA. Gas prices are approximately $0.25 - $0.50 per gallon lower in Boone County compared to the Chicago-Naperville-Elgin MSA.
Boone County offers incentives for new business and business expansion.
When businesses move to Boone County (or expand here), they can qualify for various financial incentives that can help either finance the project or help to reduce the cost through grants and tax credits. For example, the Business Development Public Infrastructure Program involves grants for businesses expanding or relocating in Boone County. The Community Development Assistance Program for Economic Development provides grants for business retention and expansion opportunities. The Growth Dimensions Economic Development website has a detailed list of these and other incentives that make operating in Boone County realistic.
The Belvidere/Boone County Enterprise Zone allows companies within to receive property tax abatements and building permit fee reductions. In addition, Boone County is within Foreign Trade Zone #176, offering businesses opportunities to save money in deferred, reduced or eliminates cargo duties while improving inventory requirements and supply chain management.
Don’t miss the opportunity to save money and combat inflation by moving to Boone County.
Inflation is higher than ever since the 1980s, but it doesn’t have to affect you or your business as strongly. There are ways to save money and while moving does take time and energy, the long-term financial benefits are worth the investment. Growth Dimensions Economic Development is here to help! Start by viewing the available sites and properties in Boone County or contact us at firstname.lastname@example.org to learn more about the benefits of locating in Boone County.