Reduced property assessments for Tazewell County following Nov. tornado
Tazewell County Supervisor of Assessments Gary Twist says property assessments were changed for about 12-hundred people in Washington, Pekin and East Peoria who had damaged property following the storms:
“For those that suffered a complete loss as of that date November 17th, there was 12-percent of the year remaining, therefore we prorated the 2013 paid 2014 year to reflect that their house was worth zero value for the 12-percent of the year reflected from November 17th through December 31st.”
Twist says he estimates an eight-million-dollar reduction in Washington’s assessed value this year because of the storm. He says next year’s loss will likely be more, but it’s unclear how quickly homeowners will decide to rebuild or how long construction takes.
Twist says homeowners should also look into the Natural Disaster Homestead Exemption. He says that state law helps protect owners from higher assessments once they rebuild.