Example of Peoria County Property Tax Calculation
Peoria County calculates property taxes based on the assessed value of the property. Let's say a property's assessed value is $100,000. The tax rate in Peoria County is 1.25%, which means the property owner would owe $1,250 in property taxes for the year.
To calculate the tax amount, simply multiply the assessed value by the tax rate:
$100,000 x 0.0125 = $1,250
It's important to note that the assessed value may change from year to year, depending on market trends and property improvements. Additionally, there may be additional taxes or fees levied by local municipalities or school districts.
If you want appeal your property tax assessment - contact your local tax assessor.
Peoria County Property Tax Rates
Peoria County Property Tax Rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General County | $0.738 |
| Peoria City | $1.260 |
| Peoria Heights | $1.250 |
| Dunlap School | $4.923 |
| Chillicothe School | $4.335 |
| Elmwood School | $4.655 |
Note: Rates are subject to change and may vary based on property location and other factors. It is recommended to consult with a tax professional for accurate and up-to-date information.
Who sets property tax rates in Peoria County ?
In Peoria County, property tax rates are set by the local government officials. Typically, the Peoria County Board sets the property tax rates during their annual budget process. This process usually begins in the fall and ends in the early winter. Property tax rates are based on the assessed value of each property and can vary depending on numerous factors such as location, size, and type of property. Property owners in Peoria County can expect to receive their property tax bills in the mail in the spring, with payments due by mid-summer.
Homestead exemptions in Peoria County ?
Peoria County Homestead Exemptions and Deductions Table
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners | $6,000 | N/A |
| Senior Citizen Homestead Exemption | Homeowners over 65 years old | $5,000 | Must apply annually |
| Senior Freeze Homestead Exemption | Homeowners over 65 years old with a household income of $65,000 or less | Varies based on income | Must apply annually |
| Disabled Persons Homestead Exemption | Homeowners with a disability | $2,000 | Must have proof of disability |
| Disabled Veterans Homestead Exemption | Veterans with a service-related disability | $5,000 | Must have proof of disability |
| Home Improvement Exemption | Homeowners completing home improvements | Varies based on home value increase | Must apply within 90 days of completion |
| Returning Veterans Homestead Exemption | Veterans who recently returned from active duty | $5,000 | Must have served after September 11, 2001 |
| Residential Energy Efficiency Exemption | Homeowners who install energy-efficient improvements | Varies based on improvement cost | Must meet specific criteria |
Note: Homestead exemptions and deductions can vary by county within Illinois, so be sure to check with your local assessor's office for specific details about what is available in your area.
When is Peoria County Property Tax due ?
Peoria County Property Tax is typically due on September 1st of each year. Property owners in Peoria County can pay their taxes using multiple methods, such as:
- Online through the Peoria County Treasurer's website
- In-person at the Peoria County Treasurer's office
- By mail using a check or money order made payable to "Peoria County Collector"
It is important to note that if the due date falls on a weekend or holiday, the deadline will be extended to the next business day. Additionally, property owners who fail to timely pay their property taxes may face penalties and interest charges.
Here is a summary of the key points:
| Due Date | Payment Methods |
|---|---|
| September 1st | Online, in-person, or by mail |
| --- | --- |
| Check/money order payable to "Peoria County Collector" | |
| --- | --- |
| Penalties and interest may apply for late payments |
If you have more questions - contact your local tax collector.
How is Peoria County Property Tax penalty calculated ?
Peoria County Property Tax Penalty Calculation
Property taxes are an essential source of revenue for a county government. Peoria County, located in the state of Illinois, is no exception. Property taxes are levied on properties located within the county, and non-payment of these taxes can lead to penalties. Peoria County follows a specific formula to calculate property tax penalties.
The formula used to calculate the penalty is straightforward. The penalty is calculated based on the amount of taxes that were due and the period of time that has elapsed since the due date.
Here's an example: Suppose the annual property tax for a property in Peoria County is $2,000. The due date for the tax payment is September 1st. However, the owner of the property fails to make the payment on time. In this case, a 1.5% penalty will be charged for the month of September. This penalty is calculated based on the due amount, which is $2,000 in this case. Therefore, the penalty for September will be $30 (1.5% of $2,000).
If the payment is still not made by October 1st, an additional 1.5% penalty will be charged, and the same process will continue for each month until the payment is made.
To summarize, the penalty calculation for Peoria County property taxes is as follows:
- Penalty rate: 1.5% of the due amount
- Penalty period: Each month after the due date
- Example: $30 penalty for September on a $2,000 annual property tax
Property owners in Peoria County should be aware of the due date for their property taxes to avoid accruing penalties. It's important to note that if the property taxes remain unpaid for an extended period, the property could eventually be sold at a tax sale to recover the unpaid taxes. Therefore, it's crucial to pay the property taxes on time to avoid any legal complications.
We recommend contacting the Peoria County Tax Office or a local tax professional for the most up-to-date and accurate information.