Funny thing with taxes and rates. A lot of people will chose one area of town over another based on what they believe the taxes are but you can't always judge a book by its cover.
Taxes on a home are computed in this way: The percieved fair market value of a house is divided by 3. From this number you would then subtract any exemptions (example owner occupied status which is $5000, or senior citizens exemptions etc). Then you would take that final number and multiply it by the tax rate. This method is the same no matter where you live in the area, but the tax rates can vary. So which ones are the highest? Lowest?
Surprisingly-the town of Dunlap has about the lowest around...they are at 6.5%. Areas like Peoria Heights have about the highest in the area-8.7%. Dover Pointe subdivision in north Peoria/Dunlap-7.3%. Most of the Charter Oak area of Peoria is 8.2%. Much of East Peoria is 6.9%. Metamora is has rates around 8.2% and Germantown Hills has rates of 7.79%
The difference comes in to play when you consider 1) how old a house is and 2) how recently it sold. You could have two homes on the market for $250,000, with the same tax rate, but if one is an older home that didn't sell for the last 20 years, the true assessed value is probably much farther off of what it should realistically be. On the other hand, if you have a new house that is 2 years old, and it's on for $250K, the tax man probably has it assessed a lot closer to the true market value.
Just for kicks, I just looked up the taxes on 10 homes that are all currently on the market in Peoria, West Peoria, Dunlap, Princeville, Germantown Hills, Metamora, Washington, East Peoria and Morton. They were all listed for sale for $199,900. The taxes ranged from $2800 to $5300 but it didn't have as much to do with what the tax rate was, as much as it did with how old/new the house was or how recently it last sold. If all of these homes were to sell tomorrow for full price, the taxes would most likely be adjusted perhaps a year or two down the road to reflect what they should be, and it would be pretty close across the board. Also something else to consider is that what you may save in terms of taxes on one hand, you may lose in resale value on the other. A home that is 30 miles from nowhere might not have a high tax rate, but it also may not have the greatest pool of buyers when it comes time to sell.
Lesson to be learned? Taxes are just plain high everywhere in central Illinois. You can't get away from it. It's a great place to call home though and I wouldn't trade it for anything!
Taxes on a home are computed in this way: The percieved fair market value of a house is divided by 3. From this number you would then subtract any exemptions (example owner occupied status which is $5000, or senior citizens exemptions etc). Then you would take that final number and multiply it by the tax rate. This method is the same no matter where you live in the area, but the tax rates can vary. So which ones are the highest? Lowest?
Surprisingly-the town of Dunlap has about the lowest around...they are at 6.5%. Areas like Peoria Heights have about the highest in the area-8.7%. Dover Pointe subdivision in north Peoria/Dunlap-7.3%. Most of the Charter Oak area of Peoria is 8.2%. Much of East Peoria is 6.9%. Metamora is has rates around 8.2% and Germantown Hills has rates of 7.79%
The difference comes in to play when you consider 1) how old a house is and 2) how recently it sold. You could have two homes on the market for $250,000, with the same tax rate, but if one is an older home that didn't sell for the last 20 years, the true assessed value is probably much farther off of what it should realistically be. On the other hand, if you have a new house that is 2 years old, and it's on for $250K, the tax man probably has it assessed a lot closer to the true market value.
Just for kicks, I just looked up the taxes on 10 homes that are all currently on the market in Peoria, West Peoria, Dunlap, Princeville, Germantown Hills, Metamora, Washington, East Peoria and Morton. They were all listed for sale for $199,900. The taxes ranged from $2800 to $5300 but it didn't have as much to do with what the tax rate was, as much as it did with how old/new the house was or how recently it last sold. If all of these homes were to sell tomorrow for full price, the taxes would most likely be adjusted perhaps a year or two down the road to reflect what they should be, and it would be pretty close across the board. Also something else to consider is that what you may save in terms of taxes on one hand, you may lose in resale value on the other. A home that is 30 miles from nowhere might not have a high tax rate, but it also may not have the greatest pool of buyers when it comes time to sell.
Lesson to be learned? Taxes are just plain high everywhere in central Illinois. You can't get away from it. It's a great place to call home though and I wouldn't trade it for anything!
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