Rate Breakdown

Property taxes in Peoria County are calculated by multiplying the assessed value (minus exemptions) by the total local millage rate.

Authority	Avg. Rate
County General Fund	0.45%
School District (Avg)	1.20%
City / Local (Avg)	0.35%

How Property Tax Works in Peoria County

Understanding property tax is essential for homeowners. In Peoria County, Illinois, the process involves evaluating your property's value and applying specific rates to calculate your annual taxes. The assessment process begins with the **county** assessing your property's market value based on established criteria, such as comparable properties in the area. This determination helps determine your "assessed value," which is a key factor for calculating your property tax bill. The assessed value doesn't directly equate to actual market worth; it serves as the basis for tax calculations. After assessment, the county sets specific **mill rates** or millage rates. Each of these millage rates represents how much property taxes will be levied per $100 of assessed value. These rates are determined annually by the Peoria County Board of Review and adjusted based on a set formula. *The property tax is then calculated as a percentage of your property's assessed value, times the applicable mill rate.* For example, if your property has an assessed value of $100,000, with a 0.98% millage rate for schools, the total amount you would pay in property taxes would be approximately $980 per year.

Available Exemptions

Illinois offers various exemptions that can lower your overall tax burden. Here are some common types: * **Homestead Exemption:** This exemption is available to homeowners who occupy and own their primary residence. It reduces the assessed value of your home by 2% for each year you've owned it. The exemption amount varies based on the total assessment, but often stays within a certain percentage, such as 50%. * **Senior Citizen Exemption:** This exemption is available to seniors aged 65 and older who meet specific requirements, reducing the assessed value of their homes by up to 15% for all years of ownership. * **Disability Exemption:** Provides eligible residents with a disability assessment reduction based on needs. This reduces the assessed value by a specified percentage, allowing some income tax deductions. * **Veteran Exemption:** Designed specifically for veterans who served honorably in the US Armed Forces and qualify for the exemption. It reduces the assessed value of their homes or properties based on specific criteria. For more detailed information and eligibility requirements about these exemptions, visit the Illinois Department of Revenue website: [https://www2.illinois.gov/revenue/property-tax-information/](https://www2.illinois.gov/revenue/property-tax-information/)

Payment Schedule & Deadlines

You can choose to pay your property taxes in full or opt for installment options. * **Full Payment Deadline:** Your annual property tax is due by November 1 each year. Failure to pay the entire amount within this timeframe will incur late penalties. For accurate deadlines and payment information, visit the Peoria County website: [https://www.peoriacountyil.gov/](https://www.peoriacountyil.gov/) * **Installment Options:** You can spread your property tax payments over time by choosing an installment plan offered by the county treasurer's office. **Consequences of Late Payments** Failing to make timely payments carries consequences, including late fees and interest charges, and may result in a lien on your property.

Appealing Your Assessment

If you believe there has been an error or if you feel your assessment is incorrect, you can appeal the decision. The process generally involves submitting written documentation outlining your argument. To initiate the appeal process: * **Contact:** Contact the Peoria County Assessor's Office for a detailed procedure. * **Documentation:** Gather all supporting evidence to support your claim, such as recent appraisals or comparable property data. It’s crucial to remember that this is just a guide and not legal advice. If you have specific concerns or require further clarification on any of these aspects of property tax in Peoria County, please reach out directly to the relevant authorities for detailed information.