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Olympia Fields, Illinois Property Taxes

The median property tax rate in Olympia Fields, IL is 4.41%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Olympia Fields at $202,070, the typical annual property tax bill reaches $8,687, far exceeding the national median of $2,690. Property taxes in Olympia Fields are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Olympia Fields' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Olympia Fields or another part of Cook County, understanding the local property tax system will benefit both homeowners and real estate investors.

Last Updated June 14, 2024

Olympia Fields, Illinois Property Tax Bill Calculator

$100,000

$2,500,000

$5,000,000

Average Tax Rate

2.35%

Estimate Property Tax Bill

$4,700

$3,552

SAVE WITH OWNWELL

$1,148

Average Olympia Fields, Illinois Tax Savings

Ownwell’s Olympia Fields Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olympia Fields with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olympia Fields to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Olympia Fields. 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 Olympia Fields, Illinois

Property taxes in Olympia Fields, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olympia Fields is 4.41%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Olympia Fields set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olympia Fields 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 Olympia Fields' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60461 zip code has the highest median property tax rate of 4.41%, while the same zip code also represents the lowest median tax rate of 4.41%. Understanding how these cities compare with Olympia Fields provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.

Property Tax Rates Across Olympia Fields, Illinois

Source: Ownwell

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1.46%

4.93%

8.39%

Average Olympia Fields Tax Rate

4.41%

Average Cook County Tax Rate

2.01%

Average Illinois Tax Rate

2.35%

Average United States Tax Rate

0.99%

Property Tax Rates Across Olympia Fields, Illinois

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
604613.01%3.78%4.41%4.82%5.64%

Source: Ownwell

Property Tax Assessment Values Across Olympia Fields, Illinois

In Olympia Fields, 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 Cook County Assessor's Office 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 Olympia Fields, 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. Notably, the median home price in Olympia Fields is $202,070. The property tax bill can range significantly, with the 25th percentile at $6,516 and the 75th percentile at $10,977, reaching up to $14,234 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 60461, with a median tax bill of $8,687. 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 the tax burden.

Property Tax Assessment Values Across Olympia Fields, Illinois

Source: Ownwell

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$13,140

$631,570

$1,250,000

Average Olympia Fields Assessed Value

$202,070

Average Cook County Assessed Value

$210,000

Average Illinois Assessed Value

$194,700

Average United States Assessed Value

$244,900

Property Tax Assessment Values Across Olympia Fields, Illinois

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
60461$137,934$164,580$202,070$238,355$297,460

Source: Ownwell

Property Tax Bills Across Olympia Fields, Illinois

In Olympia Fields, Cook County, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. With a median home price of $202,070, homeowners face significant tax bills. The tax bill at the 25th percentile is $6,516, while at the 75th percentile, it rises to $10,977, and at the 90th percentile, it can reach up to $14,234. These figures are notably higher than the national median property tax rate of 0.99%. Several factors influence your tax bill, including the local tax rate, assessed property value, and any applicable exemptions. High property taxes can place a considerable financial burden on homeowners, impacting their overall cost of living. Ownwell offers a solution by helping homeowners appeal their property tax assessments and identify potential exemptions. Our expertise can result in significant savings, reducing the financial strain and ensuring you only pay your fair share. Let Ownwell handle the complexities of property tax appeals, so you can enjoy peace of mind and more manageable tax bills.

Property Tax Bills Across Olympia Fields, Illinois

Source: Ownwell

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$453

$15,274

$30,094

Average Olympia Fields Tax Bill

$8,687

Average Cook County Tax Bill

$4,680

Average Illinois Tax Bill

$4,715

Average United States Tax Bill

$2,690

Property Tax Bills Across Olympia Fields, Illinois

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
60461$4,752$6,516$8,687$10,977$14,234

Source: Ownwell

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