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Tax Structure
- Area Tax Structure is based upon the Fair Cash Value of a parcel and its improvements as established by the Township Assessor and the Lee County Supervisor of Assessments.
- Assessed Value for tax purposes is one-third (1/3) of the Fair Cash Value.
- A State Multiplier is then applied to establish the property's Equalized Assed Value. The State Multiplier for Dixon Township for Tax Year 2002 taxes Payable in 2003 was 1.000.
- Any eligible exemptions and adjustments including Owner Occupied Exemption; Senior Exemption; SAF Exemption; Farm Land and; Farm Buildings are then factored in to establish Net Taxable Value.
- Net Taxable Value is then multiplied times the Total Tax Rate (Sum of the individual rates of the Taxing Bodies) and divided by 100 to equal the Current Tax.
- Any Drainage Tax applicable or Back Taxes are added in and any Enterprise Zone or Industrial Tax Abatements are then deducted to yield the Total Tax Due.
- Total Tax Rate for properties in the Lee County Business Park for the past
three years was:
- 2000 - payable 2001 - $8.8970
- 2001 - payable 2002 - $8.9019
- 2002 - payable 2003 - $8.8927
- 2003 - payable 2004 - $8.9354
- 2004 - payable 2005 - $9.1811
- A Residential Example for a lot and home with a $100,000 Fair Cash Value and Owner Occupied Exemption (OOE) would then be calculated as follows:
- $100,000/3=$33,333
- $33,333-$3,500 (OOE) =$29,833
- Times 1.0000 State Multiplier=
$29,833
- Times $9.1811 divided by 100=
$2,739.00 Total Tax
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