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What is the estimated tax impact for homeowners?

The estimated tax impact of the referendum is as follows:

Home’s Fair Market Value1

Home Assessed –Value (EAV)2

Estimated Yearly Tax Impact3

$100,000 33,333.33 70.00
$180,000* 60,000.00 126.00
$200,000* 66,666.66 140.00
$220,000 73,333.33 154.00
$300,000 99,999.99 210.00

*The average property value is $178,195 in Dundee Township and $196,709 in Rutland Township. 

1FAIR MARKET VALUE (or FAIR CASH VALUE) is determined by the Township Assessor.  This number is based on sales of similar homes averaged over the previous three years.
 

2 The EQUALIZED ASSESSED VALUE (EAV) (sometimes referred to as ASSESSED VALUATION or EQUALIZED VALUE) is determined by the County Assessor’s office by dividing the FAIR MARKET VALUE by approximately one-third.
 

3This chart assumes no exemptions.

Any exemptions (such as homestead or senior) are deducted from the EAV, resulting in the NET TAXABLE VALUE.  The library tax rate is applied to the NET TAXABLE VALUE.  The tax impact will be reduced by $12.63 for the $6,000 Homeowner’s Exemption, and by a further $10.53 for the $5,000 Senior Exemption.

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