Mount Olive, Illinois Property Taxes
The median property tax rate in Mount Olive, IL is 2.48%, considerably higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Mount Olive at $198,642, the typical annual property tax bill reaches $4,935, exceeding the national median of $2,690. Property taxes in Mount 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 Mount 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 Mount 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
Mount 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 MOUNT OLIVE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT OLIVE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT OLIVE 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 Mount Olive, Illinois
Property taxes in Mount Olive, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Olive stands at 1.73%, which is higher than both the Illinois state median of 1.73% and the U.S. national median of 0.99%. Local government entities within Mount Olive set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount 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 Mount 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 1.73%, while the same zip code also has the lowest median tax rate of 1.73%. Understanding how these cities compare with Mount 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 Mount Olive Tax Rate
2.48%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Olive, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62069 | 2.47% | 2.48% | 2.48% | 2.52% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Mount Olive, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount 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 local 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 Mount 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. For instance, the median home price in Mount Olive is $198,642, and homeowners can expect property tax bills ranging from $4,574 at the 25th percentile to $5,299 at the 90th percentile. Notably, the highest and lowest median tax bills are both $4,935 in the 62069 zip code. 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 Mount Olive Assessed Value
$198,642
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Olive, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62069 | $176,072 | $184,536 | $198,642 | $204,944 | $208,724 |
Source: Ownwell
Property Tax Bills Across Mount Olive, Illinois
In Mount Olive, IL, located in Montgomery County, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, determined by the county assessor. For instance, if a home has a market value of $198,642, the assessed value would be a fraction of this amount based on local assessment ratios. The tax rate is set by various taxing authorities, including school districts, municipalities, and other special districts. These rates are combined to form the overall property tax rate. In Mount Olive, the median property tax bill is $4,935, which is significantly higher than the national median property tax rate of 0.99%. Homeowners in the 25th percentile can expect to pay around $4,574, while those in the 75th percentile might see bills close to $5,163. High property tax bills can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning.
Average Mount Olive Tax Bill
$4,935
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Olive, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62069 | $4,357 | $4,574 | $4,935 | $5,163 | $5,299 |
Source: Ownwell