Did your property tax assessment rise in Peoria County this year? Here's why

PEORIA – Did your property tax assessment go up this year? 

You’re not alone. Many homeowners in Peoria County recently found out their assessments have risen — some by double digits — after opening letters from the Peoria County Supervisor of Assessments office. 

Why did this happen and is there a way to challenge the assessment?   

Here are the facts: 

What causes a homeowner's assessment to go up? 

Rising home values cause assessments to go up. The housing market has been very competitive across the U.S. since the COVID-19 pandemic, and Peoria has not been immune. Average sales prices for single family homes in the Peoria area is 5.6% higher than last year at this time, according to statistics compiled by the Peoria Area Association of Realtors. 

“It’s a nationwide issue, not just a Peoria County or Illinois issue," said Dave Ryan, supervisor of assessments for Peoria County. “It's the housing market — because houses are selling for more, and when houses sell for more, we are supposed to value with that.” 

More:Is Peoria a buyer's or seller's market in 2023? Here's what the experts are saying

Every four years, the assessor’s office does a total re-evaluation of property values. It looks at what homes are selling for in individual neighborhoods and assesses values based on those numbers.

Home values have been steadily rising in the Peoria area over the last few years. In 2019, the last time the Peoria County Assessor’s office did a total re-evaluation, the average home sale ranged from about $130,000 to $150,000, according to PAAR. So far this year, the average home sale has ranged from $152,000 to $200,000. 

Did everyone’s assessment go up? 

“It is all over the board, but I would say that the majority probably went up just because of the housing market,” said Ryan.  

With a total re-evaluation, everyone’s home starts at zero, he said. 

“So we are not necessarily looking at what last year’s value was. We are looking at what it would sell for. Some people may have went up a little, some may have went up a lot. Some people may have gone down a little – it depends on what condition the property is in, etc.," Ryan said.   

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How do I challenge my assessment? 

If a homeowner believes that their home has been overvalued because it is in poor condition, they can contact the assessor’s office and ask for an inspection. But be forewarned, those problems need to be fairly severe, like a big cracks in the foundation or leaks, said Ryan. An assessment won’t be lowered just because a home needs to be updated. 

Homeowners can also challenge an assessment by providing documentation of what similar homes in their neighborhood have sold for. 

“You actually have to file a board of review complaint,” said Ryan. 

To get the process started, visit www.peoriacounty.gov/502/Supervisor-of-Assessments and click on forms and documents. Homeowners are given the option of an in-person hearing, or a decision rendered just from the information they file.  

What is Peoria County's property tax rate? 

Tax rates in Peoria County vary depending on the taxing districts serving the property, such as the school district or the park district. A big portion of the city of Peoria, which is served by the Peoria Public Schools, is taxed at the rate of about 9.65%, said Ryan. 

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How do I calculate the increase on my tax bill?

No one will be able to assign a dollar value to their assessment until the various taxing districts decide the rates they will be charging taxpayers this year, said Ryan. 

“The amount of increase depends on what they do with their budgets, what we call levies,” he said. “You won't know exactly until that rate is done, and that rate won’t be done officially until about a month before the tax bills come out.” 

When do tax bills come out? 

Tax bills will be mailed out in May 2024. 

Leslie Renken can be reached at (309) 370-5087 or lrenken@pjstar.com. Follow her on Facebook.com/leslie.renken.