Supervisor of Assessments: Assessment Process

Mission Statement: Our mission is to serve the citizens of Peoria County by:

• Identifying and valuing all legally assessable property
• Developing values with fairness and impartiality
• Producing property tax assessment rolls on a timely basis
• Issuing appropriate exemptions

The Supervisor of Assessment’s Office will accomplish this by providing the public with prompt, professional, and courteous service.

Understanding Your Assessment:

Misconceptions

• The misconception about assessments and the Supervisor of Assessment’s Office is that we raise taxes
• Taxes are predominantly determined by taxing districts in your area, with a majority of your property taxes being paid to the school districts
• Levies play the biggest role on your property taxes

Equalization Factor

• In Peoria County we are to value or assess properties at 33.33% of full market value
• These factors result from comparing valid sale prices to assessed value

Market Value

• What is market value?
• Many definitions exist but in general it reads as this: What the property would bring at a voluntary sale where the owner is ready, willing, and able to sell, but not compelled to do so, and the buyer is ready, willing and able to buy, but not forced to do so

Who Makes The Market?

• Buyers and sellers are the ones who determine the value of real estate. The 2011 assessment year required we use 2008, 2009 & 2010 sales to determine values.

Role of the Township Assessor

• Determine the market value of all properties within their jurisdiction as of January 1 of that assessment year, the most recent being 1-1-11
• Utilizes the many sales that occur in a township as a basis for assessed values
• Works to distribute the burden of the real estate tax in an equitable manner through fairly assessing properties

Role of Supervisor of Assessments

• Evaluates township assessor values
• Applies local equalization factors through comparison of assessed values to sale prices
• Notify taxpayers of new assessments
• Assist Board of Review
• Makes information available on website

Reasons for Appeal of an Assessment

• The assessor placed a market value estimate on your parcel that is higher than actual market value
• Not fairly assessed compared to similar neighboring properties (uniformity)
• Burden of proof for appellant for market is preponderance of evidence and uniformity is clear and convincing evidence

Steps in Appeal process

• 1. Obtain assessed values of your property as well as similar ones
• 2. Determine fair market value of property (sales comparables)
• 3. Discuss assessment with your assessor
• 4. Determine reason for complaint, market value, uniformity. (not my taxes are too high)
• 5. File written complaint with Board of Review
• 6. Present evidence at hearing
• 7. File subsequent action with State Property Tax Appeal Board

Types of Evidence

• An Appraisal
• Real Estate Transfer Declaration
• Recent valid sales
• Photographs
• Characteristic information on comparables

Board of Review Forms

• Please read and follow instructions on forms
• Residential Comparison Grid
• Information can be obtained on comparable sales, property characteristics and assessment information from Assessment front desk application

Exemptions:

• General Homestead Exemption: This annual homestead exemption provides for a reduction in the assessment of homestead property above the 1977 equalized assessed valuation. The maximum exemption is currently $6,000. Homestead property includes residential property owned and occupied on January 1 of the given tax year. No form needed.
• Senior Citizen Homestead Exemption: This homestead exemption lowers the equalized assessed value of your property up to $4,000. You must: own and occupy the residence; have turned 65 during the tax year; and apply for this exemption. You need only file once and there are no income requirements for this exemption on the property. (Must provide proof of age with form.) See downloadable form.
• Senior Citizens Assessment Freeze Homestead Exemption: This exemption allows seniors who are 65 years or older during the given tax year and have a household income of $55,000 or less to freeze the assessed value of their home at a base year value and prevent any increase due to inflation. The base year is the year prior to the year you first qualify and apply for the exemption. For example, if you are signing up for the 2009 assessment year, you would use your 2008 total household income. Other requirements are that you have used your property as your principal place of residence; have owned and occupied the property two consecutive January 1s; and are liable for payment of property taxes. You must sign up for this exemption yearly. See downloadable form.
• Homestead Improvement Exemption: This exemption allows an owner occupied residence a deferral of up to $75,000 ($25,000 assessed) for four years of any increase in assessment due to an improvement that adds value to the residence. The residence must be considered completed and this exemption usually requires some type of square footage added to the property. The Supervisor of Assessments or Township Assessor initiates this exemption, so no application is needed.
• Disabled Veterans Exemption: Application for this exemption is made through the Illinois Department of Veterans' Affairs.

Other Property Tax Relief Programs:

• Model or Demonstration Home Assessment: This assessment allows a dwelling, condominium, or town home not occupied as a dwelling but used instead as a display or demonstration model for prospective buyers to be assessed at its value prior to construction or zoning classification change. This application must be filed annually by December 31. See downloadable form.
• Veterans' Organization Assessment Freeze: This freeze allows qualified veterans' organizations (chartered under federal law) to freeze the assessed value of the real property it owns and on which is located the principal building for the post, camp, or chapter. The assessed value is frozen by the Supervisor of Assessment’s Office at 15% the assessed value of the property for the taxable year the property first qualifies. This application must be filed annually by December 31. See application form for further qualifications and instructions. See downloadable form.
• Fraternal Organization Assessment Freeze: This freeze allows qualified fraternal organizations to freeze their assessed value at 15% for the year the organization first qualifies. This application must be filed annually by December 31. See application form for further qualifications and instructions. See downloadable form.
• Real Estate Tax Deferral: This exemption allows qualified senior citizens to defer all or part of their property taxes on their personal residence. For more information on this program, please contact the Peoria County Treasurer’s Office at (309) 672-6065.

Tax Levy Example:

Click here for an example of how tax levys are computed.

PLEASE REFER TO THIS WEBSITE FOR FUTURE UPDATES AND INFORMATION.