Are you thinking about moving to Peoria, IL this year? If so, then you may be considering buying a home in the area. Before you move to the area, you need to understand how to handle local property taxes. Property taxes can be confusing and even overwhelming at times, but with the right knowledge, you don’t have to worry about a thing! Let us help you out with this complete guide to Peoria County property taxes.
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Peoria County Property Taxes
The first step to understanding Peoria property taxes is to understand what property taxes are. A property tax is a fee that is collected by the local government and is used to pay for municipal services such as schools, libraries, road work, and zoos. The amount of this tax is based on the value of the property and is paid by the owner of said property. If you own any type of Peoria real estate, you will likely be required to pay property taxes.
Illinois was actually the first state to mention property taxes in their constitution all the way back in 1818! Once established as a way to finance ongoing wars in the country, property taxes are now used to fund things such as fire and police departments, educational institutions, and senior services.
The Peoria County property tax is a two-year cycle. During the first year, the Peoria County Supervisor of Assessments determines the property’s value. They will then take a percentage of the market value to determine the amount that can be taxed. Then, during the second year, the tax bills are calculated by the County Clerk and mailed out by the treasurer. Once the payments are received, they are distributed to local taxing districts.
The Peoria County Supervisor of Assessments, the Peoria County Clerk, and the Peoria County Treasurer work together to handle the Peoria County property taxes. Here’s a quick breakdown of these three important roles.
Instead of a Peoria County Assessor, there is a Peoria County Supervisor of Assessments. The Peoria County Supervisor of Assessments assesses the real estate values for all of Peoria County. They set the value of the property and report it to the County Clerk. These assessments are completed by June 1st.
Peoria County also has 20 township assessors who handle assignments in their specific cities or villages. The City of Peoria Assessor is Max Schlafley.
Peoria Supervisor of Assessments, 324 Main St, Peoria, IL 61602, Rm 301, (309) 672-6910
After the Supervisor of Assessments sets the value of the properties and before the Treasurer mails the tax bills and collects taxes, the County Clerk will perform calculations to determine how much money will be taxed. Additional Peoria County Clerk duties include:
- Files annual budgets and levies of all taxing bodies
- Computes tax rates for each unit
- Extends the taxes by applying tax rates to equalized assessed valuation
- Certifies information to County Treasurer
The Peoria County Clerk is Rachael Parker. You can find her in her office Monday through Friday from 8:30AM to 4:30PM.
Peoria County Clerk, 324 Main St G22, Peoria, IL 61602, (309) 672-6000
The Peoria County Treasurer, also known as the County Collector, handles the tax payments and sends out the bills. Some of the duties of the Peoria County Treasurer include:
- Receiving money from the collecting officers
- Sending out property tax bills
- Disbursing funds as authorized by the appropriate authorities
- Appropriately investing surplus funds of the county
- Keeping an account of all money received and disbursed by the county
- Maintaining all financial records in the manner prescribed by state law
The Peoria County Property Collector is Nicole Bjerke. Her office is open Monday through Friday from 8:30AM to 5PM.
Peoria County Treasurer, 324 Main Street Rm: G-15, Peoria, IL 61602, (309) 672-6065 opt #5
Peoria County Property Tax Rate
How Are Tax Rates Determined in Peoria County?
The tax rate in Peoria county is determined by the equalized assessed value of your home and the amount of money your local taxing districts need to operate during the coming year. To begin, the Peoria County Tax Assessor will determine the fair market value of your home. Fair property is an estimate of the highest price that your property would bring in from a buyer. All property in Peoria County (other than farmland and coal) is assessed at 33.33% of fair market value. For example, if your home has a market value of $100,000, then the assessed value would be $33,330. By completing this calculation, the assessor then comes up with the assessed value of the property.
Once the assessed value is determined, The State of Illinois applies an “equalization factor” in order to equalize assessment practices throughout the state. Then, tax exemptions and the value of tax increment finance districts are deducted from the equalized assessed value. This new number is your taxable assessed value. The taxing districts will then determine the amount of revenues they need for the upcoming year and report these numbers to the County Clerk. The County Clerk then calculates the tax rate, which is the amount of tax due in terms of a percentage of the tax base.
The value of your Peoria real estate is reassessed every few years. The Supervisor of Assessments will take a look at your home’s characteristics as well as the desirability of the surrounding area. If the area you live in is on the up-and-up, then you can likely expect an increase in property taxes.
What Is the Peoria County Property Tax Rate?
How much are property taxes in Peoria County? In order to find your Peoria County tax rate, you can put your name or personalized parcel number into their Property Tax Inquiry system.
On average, Peoria County collects about 2% of a property’s assessed fair market value as property tax. This amounts to about 3.76% of residents’ yearly income. Based on the 2% calculation and the Peoria median home price of $120,000, the average property tax bill in Peoria County is $2,385. This is slightly below the average U.S. property tax bill of $2,471. Although Illinois has the #2 highest property tax rate of all U.S. states, Peoria is the #1 cheapest place in America to buy a home, which helps reduce the property tax rate.
If you are curious about specific taxing districts, then you can check out the Peoria County GIS Tax District Map.
Peoria County Property Tax Payments – Due Dates & How to Pay Your Tax Bill
When are Peoria County property taxes due? In Peoria County, a single tax bill is issued for the full year’s taxes. This bill is payable in two equal installments. The first installment is due in June, and the second installment is due in September. If your taxes are paid or postmarked after the due dates, you will receive a penalty. This year, the payment dates are June 6 and September 6.
Once you receive your bill, you can pay it at Peoria County banks, the Peoria County Treasurer’s Office, or the Township Collectors. There are options to pay in person, online, or over the phone. It is important to note that phone payments are handled by a call center where you will be assisted by a customer service representative. These payments will have a $2.50 service fee.
You can pay your Peoria County property tax bill with the following methods of payment:
- Certified/cashier check
- Check (made payable to Peoria County Collector and parcel number written on the memo section of your check)
- Credit cards (Master Card, Visa, American Express, Discover) (online or by phone)
- Electronic check (online or by phone)
- Money order
If you pay by credit card or electronic check, there will be a convenience fee added to your payment.
If you don’t pay your Peoria County real estate taxes, your unpaid taxes will go into a tax sale, where a registered tax buyer bids their fee for paying those taxes. You are able to redeem your taxes for up to two years after the tax sale, but there will be hefty fees involved in the tax redemption process.
To learn more about tax redemption, check out this video from the Peoria County Clerk’s Office.
Peoria County Property Search/Tax Records
If you want to conduct a Peoria County property tax search to find out information on your current or future house, you can easily access this information online. Peoria County, Illinois Property tax records are public information, so you are always able to find out how much a property pays in taxes each year.
The Peoria County property tax lookup tool is a wonderful resource. You can use this Peoria County property search to access detailed property tax information by entering your parcel number, owner name, or address criteria.
Peoria County Property Tax Exemptions
There are many Peoria County property tax exemptions that you should know about and take advantage of if they are applicable to you, including:
- Homestead Revaluation Exemption: Also known as the owner occupied exemption, this exemption lowers the equalized assessed value of your property by $6,000. This exemption must be initiated by the Township Assessor’s Office.
- Homestead Improvement Exemption: This Peoria County homestead exemption reduces an increase in assessed valuation due to an addition or improvement to your home. A maximum of $25,000 can be deferred.
- Senior Citizen Tax Deferral Program: This Peoria property tax exemption for seniors allows qualified seniors to defer all or part of the property taxes on their personal residence. This is done in the form of a loan with a 6% interest rate.
- Senior Homestead Exemption: If you are 65 or older, you can use this exemption to lower the equalized assessed value of your property by up to $5,000. You must apply for this exemption.
- Senior Assessment Freeze Exemption: This exemption freezes the taxable assessment on your property but does not freeze the tax rate. To qualify, you have to be 65 or older and have a total household income of $65,000 or less.
- Returning Veterans’ Homestead Exemption: This Peoria County property tax exemption for veterans provides a one-time $5,000 reduction in your property’s equalized assessed value. To qualify, you must file an application upon your return home.
- Disabled Persons’ Homestead Exemption: This exemption provides a $2,000 reduction in the equalized assessed value of a property owned by a disabled person. To qualify and continue to qualify, you must file an annual application.
- Disabled Veterans’ Standard Homestead Exemption: This exemption provides a reduction in the equalized assessed value on a property owned by a veteran with a service-connected disability.
- Disabled Veterans’ Homestead Exemption: This exemption provides up to a $70,000 reduction in assessed value for federally-approved specially adapted housing. This exemption is available through the local Veterans Affairs Office.
Peoria County Property Tax Appeals
Do you think that your Peoria County property taxes are too high? All taxpayers have a right to appeal their property tax assessment for any reason. The window to file an assessment complaint is June 1st until 30 days from the date that your township publishes its changes in the newspaper.
To file a complaint, you will first need to download the Assessment Complaint Packet which contains the rules and forms for filing. You will then fill out the form and attach the required documents. Once everything is together, you can either mail your assessment complaint to the Peoria County Courthouse or come to the courthouse in person. You will then be given a date and time for your hearing. If you don’t attend your hearing, your case will be decided based on the information available at the time of filing.
Peoria County Property Tax FAQ
What is the Peoria County property tax due date?
Property taxes are split into two payments and are due in June and September each year.
How do I pay my property taxes in Peoria County?
You can submit payments for Peoria County taxes at Peoria County banks, the Peoria County Treasurer’s Office, or the Township Collectors.
How is property tax in Peoria IL calculated?
The tax rate in Peoria County is determined by the equalized assessed value of your home and the amount of money your local taxing districts need to operate during the coming year.
Ready to make the move to Peoria County? Now that you know how your property taxes will work, you should figure out how to transfer your possessions! Our Central Illinois movers service Peoria County as well as other areas of the Midwest. Give us a call today at 800-747-4100 to request a free moving estimate!