All Forum Posts by: Crystal Perez

 
The approximate tax rate in Peoria is 10% right now. One thing you need to know is Illinois/Peoria has programs which will limit or reduce the property tax for Senior/Disable citizens. This would be the most likely reason for the discrepancy in the property tax for SFH.

The agent I am working with is Karen McLaren - Buyers Specialist, GRI, CNE, ReMax Hall of Fame Rodgers Real Estate Group

If you do reach out for her, just let her know I sent you.

@Crystal Perez hello I am new to this. Can you tell me what the 1% match means?

Hey Crystal,

I have 3 properties in the Peoria area, so by no means am I an expert, but I'll throw out some of my comments and experiences:

- Watch out for property taxes.  Illinois has relatively high property taxes and the Peoria area is not an exception 

- As with most markets, Peoria has its nicer areas and its not-so-nice areas.  I would recommend connecting with a real estate agent that can help ensure your property search will align with your goals - I use John Kepple (KW agent).

- Peoria has a healthy employment base but is heavily reliant on Caterpillar and two large hospitals.

- Rents seem to be increasing.  There is not a lot of supply of well maintained rental units (especially with more than 2 bedrooms).

Those are the first things that come to mind but please let me know if you any questions.

There’s some bad stuff coming down the pipes with illinois legislation. Illinois is becoming a very unfriendly tenant state. 

here’s one of the newest bills currently on the table, 

HB5390=Creates the Tenant Protection Act. Provides that a landlord may increase the rent no more than once every 12 months, by an amount no greater than the percentage change in the Consumer Price Index for the same 12-month period or 3%, whichever is lower. Creates the Residential Rental Registry and requires a landlord to pay a rental registry fee. Requires a landlord to register all dwelling units with the Illinois Housing Development Authority by January 15th of each year. Creates the Right to Counsel Program and directs the Administrative Office of the Illinois Courts to contract with or enter a memorandum of agreement with an administering entity to administer the Right to Counsel Program. Creates the Small Rental Property Owner Repairs and Improvement Fund and provides that money in the Fund shall be used by the Illinois Housing Development Authority to provide financial support in the form of grants, zero-interest loans, or low-interest loans to owners with no more than 12 dwelling units. Provides that a landlord found liable for charging rent in excess of the Act shall pay the prevailing tenant damages. Creates the Tenant Bill of Rights, with provisions governing exclusions, the identification of an owner and agent, a landlord's right of access, prohibited harassment, required notices, a landlord's responsibility to maintain, a tenant's remedies, security deposits, notification of foreclosure actions, and the prohibition of retaliatory conduct by a landlord. Amends the Illinois Income Tax Act. Provides for a rental property capital improvement credit. Amends the Code of Civil Procedure. Adds provisions governing the refusal to renew and the termination of a tenancy for other good cause. Removes a provision regarding the notice to terminate a tenancy for less than a year. Makes other changes. Makes conforming changes in the State Finance Act and the Condominium Property Act. Repeals the Rent Control Preemption Act. Effective immediately.”