Olympia Fields, Cook County, Illinois Property Taxes
Median Olympia Fields, IL effective property tax rate: 4.41%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Olympia Fields, IL home value: $202,070
Median annual Olympia Fields, IL tax bill: $8,687, $6,287 higher than the national median property tax bill of $2,400.
How are property taxes in Cook County calculated?
Property taxes in Olympia Fields, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Olympia Fields’ property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Olympia Fields, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Olympia Fields, Cook County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
4.41%
Estimate Property Tax Bill
$8,911
$8,269
$1,102
Average Tax Savings
Property Tax Rates Across Olympia Fields, Cook County, Illinois
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell.
In OLYMPIA FIELDS, located in Cook County, IL, the effective property tax rate stands as one of the highest in the nation. When compared to the national median property tax rate of 1.02%, OLYMPIA FIELDS significantly exceeds this average. The region's property tax rate reflects the local government's budgetary needs and the value of properties within the area.
Despite the high property tax rates, the revenue generated is crucial for funding essential services such as education, infrastructure, and public safety. It's important for homeowners in OLYMPIA FIELDS to be aware of these rates and consider the potential for property tax appeals or exemptions, which can offer some financial relief. Understanding these dynamics can help property owners make informed decisions about their investments and financial planning.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Olympia Fields Tax Rate
4.41%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Cook County Tax Rate
2.01%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Olympia Fields, Cook County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60461 | 3.01% | 3.78% | 4.41% | 4.82% | 5.64% |
Source: Ownwell
$1,102
Average Olympia Fields Tax Savings
Save on your property taxes & more with Ownwell
Property Tax Assessment Values Across Olympia Fields, Cook County, Illinois
When examining property taxes in Olympia Fields, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cook County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Cook County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Olympia Fields. For example, the median home price in Olympia Fields is $202,070, with tax bills ranging significantly across the county. Zip code 60461 has the highest median home price at $202,070.
Property Tax Assessment Values Across Olympia Fields, Cook County, Illinois
Source: Ownwell
$25,480
$637,740
$1,250,000
Median Olympia Fields Market Value
$202,070
Median Cook County Market Value
$210,000
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Olympia Fields, Cook County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60461 | $137,934 | $164,580 | $202,070 | $238,355 | $297,460 |
Source: Ownwell
$1,102
Average Olympia Fields Tax Savings
Save on your property taxes & more with Ownwell
Property Tax Bills Across Olympia Fields, Cook County, Illinois
In Olympia Fields, located in Cook County, IL, property tax bills are calculated based on the assessed value of a home. This assessed value is a percentage of the property's market value, and the tax rate is applied to this assessed value to determine the tax bill. Factors such as local government budgets, school funding needs, and public services influence the tax rate. Homeowners in Olympia Fields face a median tax bill of $8,687, significantly higher than the national median of $2,400. This can be a substantial financial burden, particularly when compared to the national median property tax rate of 1.02%.
Ownwell offers a solution for homeowners looking to reduce their property tax bills. By providing expert property tax appeal services, Ownwell helps homeowners ensure their property is accurately assessed, potentially lowering their tax obligations. Our team navigates the complexities of the property tax system, aiming to secure savings for homeowners in Olympia Fields and alleviate the financial strain of high property taxes.
Median Olympia Fields Tax Bill
$8,687
Median Cook County Tax Bill
$4,680
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Olympia Fields, Cook County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60461 | $4,752 | $6,516 | $8,687 | $10,977 | $14,234 |
Source: Ownwell
$1,102
Average Olympia Fields Tax Savings
Save on your property taxes & more with Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | February 1 |
| Due Date #1 | March 1 |
| Due Date #2 | August 1 |
Links | |
|---|---|
| Cook Assessor’s Office | |
| Phone | (312) 443-7550 |
| Website | assessorpropertydetails.cookcountyil.gov |
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