This is a property tax exemption that applies to room additions, new garages, new out buildings, new decks, new in-ground pools, etc. These type items will not be taxed for four full years. Who qualifies. Must be owner-occupied property. Must be classified as residential property with the Peoria County Assessor's office. Properties classified as farm may receive this exemption for improvements done to the dwelling only (i.e. outbuildings will not qualify). The exemption is automatically filed by your township assessor.