Olive Branch, Illinois Property Taxes
The median property tax rate in Olive Branch, IL is 2.47%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Olive Branch at $50,154, the typical annual property tax bill reaches $758, which is significantly lower than the national median of $2,690. Property taxes in Olive Branch 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 Olive Branch'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 Olive Branch 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
Olive Branch, 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 Olive Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olive Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olive Branch 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 Olive Branch, Illinois
Property taxes in Olive Branch, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olive Branch is 2.47%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Olive Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olive Branch 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 Olive Branch's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62969 zip code has the same highest median property tax rate of 2.47%, while the 62969 zip code also has the lowest median tax rate of 2.47%. Understanding how these cities compare with Olive Branch provides valuable insights into the varying tax landscape across Alexander County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olive Branch Tax Rate
2.47%
Average Alexander County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olive Branch, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62969 | 1.32% | 2.00% | 2.47% | 2.72% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Olive Branch, Illinois
In Olive Branch, Illinois, 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 Alexander 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 Olive Branch, 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. For instance, the median home price in Olive Branch is $50,154, with the 25th percentile tax bill at $353 and the 75th percentile tax bill at $2,230. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Olive Branch Assessed Value
$50,154
Average Alexander County Assessed Value
$44,430
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olive Branch, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62969 | $7,454 | $13,572 | $50,154 | $103,038 | $146,206 |
Source: Ownwell
Property Tax Bills Across Olive Branch, Illinois
In Olive Branch, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. Homeowners in Olive Branch, located in Alexander County, can expect their property tax bills to vary significantly depending on their home's assessed value and the specific tax rate applied. For instance, the median home price in Olive Branch is $50,154. Property tax bills in the area can range widely, with the 25th percentile tax bill at $353 and the 75th percentile at $2,230. At the higher end, the 90th percentile tax bill reaches up to $3,733. These variations highlight the impact of property value assessments and local tax rates on homeowners' tax obligations. Compared to the national median property tax rate of 0.99%, homeowners in Olive Branch may find their property tax bills to be relatively moderate or significantly higher, depending on their specific circumstances.
Average Olive Branch Tax Bill
$758
Average Alexander County Tax Bill
$956
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Olive Branch, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62969 | $186 | $353 | $758 | $2,230 | $3,733 |
Source: Ownwell