Things you might want to know if you are relocating to Peoria in December!

The equation for figuring out what a home should probably be taxed at is this: Take the purchase price (estimated) of the house, divide it by 3, and that gives you what it should be assessed at. Subtract 6,000 from that number if it is going to be owner occupied, and that gives you the true assessed value. Multiply that times the tax rate (use 8% to get close to what it is everywhere around here since it varies a little from place to place), and that would give you the worst case scenario for taxes. Some houses have not sold in a long time so the tax assessor may have their idea of fair market value off-in either direction, whereas a house that may have resold in the last few years was probably properly brought into line with the fair market value.

The website for the Peoria County Tax assessor is http://66.99.203.101/assessor/realasp1.asp and from this page you can pop in any address in Peoria County (which includes everything in Dunlap), and see what the most current taxes are (2011 is the most recent year for completed taxes). You can also see what it is assessed at to see if they are close to the asking price or far off it. It will also show the last sold price in the past 10 years or so.