Olney, Texas Property Taxes
The median property tax rate in Olney, TX is 1.52%, higher than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $98,675 in Olney, the typical annual property tax bill is $1,222, which is below the national median of $2,690. Property taxes in Olney are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural use. Understanding Olney'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 Olney 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
Olney, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Olney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olney to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Olney, Texas
Property taxes in Olney, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olney is 1.52%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Olney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olney 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 Olney's effective property tax rate to other counties in Texas and the national median. For comparison, the 76374 zip code has the highest median property tax rate of 1.52%, while the 76374 zip code has the lowest median tax rate of 1.52%. Understanding how these cities compare with Olney provides valuable insights into the varying tax landscape across Archer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olney Tax Rate
1.52%
Average Archer County Tax Rate
1.73%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76374 | 1.13% | 1.35% | 1.52% | 1.73% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Olney, Texas
In Olney, Texas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Archer 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 Olney, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Olney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 76374 has the same highest and lowest median tax bill at $1,222.
Average Olney Assessed Value
$98,675
Average Archer County Assessed Value
$147,930
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76374 | $7,405 | $20,485 | $98,675 | $172,885 | $253,410 |
Source: Ownwell
Property Tax Bills Across Olney, Texas
In Olney, TX, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Olney is $98,675, and property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, improvements, and any applicable exemptions. For example, the 25th percentile tax bill in Olney is $319, while the 75th percentile tax bill is $2,264, and the 90th percentile tax bill reaches $3,796. These variations illustrate how different property values and assessments can significantly impact what homeowners owe. Compared to the national median property tax rate of 0.99%, Olney's rates can be more favorable for some homeowners, especially those with properties assessed at lower values. However, those with higher-value properties may face higher tax bills, emphasizing the importance of accurate assessments and potential appeals to ensure fair taxation.
Average Olney Tax Bill
$1,222
Average Archer County Tax Bill
$2,292
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Olney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76374 | $116 | $319 | $1,222 | $2,264 | $3,796 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Archer Appraisal District | |
| Website | www.archercad.org |