Property taxes are an essential part of home ownership, and if you're planning on purchasing a home in Peoria, Illinois, it's important to understand how property taxes work. Property taxes fund local government services such as schools, police, fire departments, and public works. In this blog post, we will explore what you need to know about property taxes in Peoria, Illinois.

What is Property Tax?

Property tax is an ad valorem tax, meaning it is calculated based on the value of the property. In Peoria, Illinois, property taxes are determined based on the assessed value of the property, which is the value assigned by the local government to determine property tax liability. Property tax rates are expressed as a percentage of the assessed value of the property. The tax rates for Peoria County are set by local taxing authorities and are typically around 1.5% to 2.5% of the property value.

How are Property Taxes Calculated in Peoria?

The assessed value of the property is determined by the Peoria County Supervisor of Assessments. The assessment is conducted every four years, and the value of the property is reassessed if there is any significant improvement or renovation on the property. The assessed value is multiplied by the local tax rate to determine the annual property tax liability. For example, if the assessed value of a property in Peoria is $200,000 and the tax rate is 2%, the annual property tax liability will be $4,000.

What Factors Affect Property Taxes in Peoria?

Several factors can affect the property tax rate in Peoria, including the location of the property, the size of the property, and the age and condition of the property. Newly constructed homes typically have higher property taxes than older homes. Additionally, properties located in areas with higher property values and better school districts may also have higher property tax rates.

How to Appeal Your Property Tax Assessment

If you believe that the assessed value of your property is too high, you may appeal the assessment. The first step is to contact the Peoria County Supervisor of Assessments office to request a review of your property's assessment. If you are not satisfied with the outcome of the review, you may file a formal appeal with the Board of Review.

In conclusion, property taxes are an essential part of home ownership in Peoria, Illinois. Understanding how property taxes work and what factors affect property tax rates can help you make informed decisions about buying or selling a home. While real estate agents cannot provide specific property tax information to clients, they can provide valuable resources such as the Peoria County Supervisor of Assessments website. Remember, you can always appeal your property tax assessment if you believe it is too high. Stay informed and be proactive in managing your property tax liability.