Mt Olive, Illinois Property Taxes
The median property tax rate in MT OLIVE, IL is 2.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in MT OLIVE at $41,703, the typical annual property tax bill reaches $1,029, exceeding the national median of $2,690. Property taxes in MT OLIVE are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding MT OLIVE's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of MT OLIVE or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mt Olive, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s MT OLIVE Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MT OLIVE with just two data inputs. By entering your property's estimated assessed value, the calculator applies the median tax rate in MT OLIVE to provide an estimated property tax bill. This valuable tool helps you grasp potential tax obligations. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Mt Olive, Illinois
Property taxes in MT OLIVE, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in MT OLIVE is 2.49%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within MT OLIVE set these rates annually, and they can vary considerably across different neighborhoods. Each year, MT OLIVE estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares MT OLIVE's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62069 zip code has the highest median property tax rate of 2.49%, while the same zip code also has the lowest median tax rate of 2.49%. Understanding how these cities compare with MT OLIVE provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mt Olive Tax Rate
2.49%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mt Olive, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62069 | 2.11% | 2.36% | 2.49% | 2.79% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Mt Olive, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mt Olive, Illinois. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Macoupin County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Mt Olive, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Mt Olive is $41,703, with tax bills ranging from $364 at the 25th percentile to $2,243 at the 90th percentile. The zip code with the highest and lowest median tax bill is 62069, both at $1,029. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Mt Olive Assessed Value
$41,703
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mt Olive, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62069 | $3,672 | $12,554 | $41,703 | $79,652 | $93,445 |
Source: Ownwell
Property Tax Bills Across Mt Olive, Illinois
In MT OLIVE, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For instance, if the median home price is $41,703, the assessed value will be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the property tax bill, including the property's location, size, and any applicable exemptions or deductions. In Macoupin County, where MT OLIVE is located, the tax bills can vary significantly. For example, the 25th percentile tax bill is $364, while the 75th percentile tax bill is $2,128, showcasing a broad range. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, the tax obligations in MT OLIVE can be seen as relatively moderate, providing essential public services while reflecting the local economic conditions.
Average Mt Olive Tax Bill
$1,029
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mt Olive, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62069 | $185 | $364 | $1,029 | $2,128 | $2,243 |
Source: Ownwell