The Peoria County Treasurer is pleased to announce the continuation of the real estate prepayment program for the 2020 taxes payable in 2021. All prior years’ taxes must be current to participate in this program.
The acceptance period is from Tuesday, December 1, through Thursday, December 31, 2020. All prepayments must be received in the office by that date. Payments received after close of business at 5:00 p.m. on December 31 will be returned whether postmarked or not. Please plan for inclement or severe weather during this time of year and possible COVID-19 in-person restrictions.
Prepayments must be 100% of the 2019 tax amount. It may only be paid by cash or check in a single transaction. Credit card payments will not be accepted. Cash payments exceeding $10,000 will be subject to IRS form 8300. Please do not mail cash. Prepayments must have the parcel number on the check and be noted as prepaid taxes. This can be done by writing the information on the memo section of the check.
The prepayment will be applied to the tax amount due once the 2020 tax bills have been mailed, which is usually around the beginning of May. Any shortage will have to be paid by the respective installment due date to participate in the prepayment program and avoid any penalties. If the prepayment submitted is greater than the amount determined to be owed, the Treasurer will refund the excess as soon as practical.
The Treasurer's office strongly recommends discussing participation in this program with your accountant before participating.