Olney, Richland County, Illinois Property Taxes
Median Olney, IL effective property tax rate: 2.01%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Olney, IL home value: $99,482
Median annual Olney, IL tax bill: $1,759, $641 lower than the national median property tax bill of $2,400.
How are property taxes in Richland calculated?
Property taxes in Olney, 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 Olney’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Olney, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Olney, Richland County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.01%
Estimate Property Tax Bill
$2,000
$1,856
Property Tax Rates Across Olney, Richland County, Illinois
Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Olney’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
Olney, located in Richland County, has a notable effective property tax rate. This rate is significantly higher than the national median property tax rate of 1.02%, reflecting the county's specific budgetary needs and property values. Homeowners in Olney might experience a property tax bill that exceeds the national median of $2,400, depending on the assessed value of their property. This can be attributed to the county’s efforts to fund local services such as schools, infrastructure, and emergency services. Understanding these rates and how they compare to state and national figures can be crucial for property owners looking to manage their tax obligations effectively.
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 Olney Tax Rate
2.01%
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 Richland County Tax Rate
1.98%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Olney, Richland County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62450 | 1.05% | 1.57% | 2.01% | 2.34% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Olney, Richland County, Illinois
When examining property taxes in Olney, 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 Richland County appraisal district 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 Richland County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Olney. For example, the median home price in Olney is $99,482, with tax bills ranging significantly across the county. 62450 has the highest median home price at $99,482.
Property Tax Assessment Values Across Olney, Richland County, Illinois
Source: Ownwell
$82,050
$118,650
$155,250
Median Olney Market Value
$99,482
Median Richland County Market Value
$112,318
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Olney, Richland County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62450 | $28,900 | $44,966 | $99,482 | $183,380 | $251,606 |
Source: Ownwell
Property Tax Bills Across Olney, Richland County, Illinois
Median Olney Tax Bill
$1,759
Median Richland County Tax Bill
$2,107
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Olney, Richland County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62450 | $426 | $849 | $1,759 | $3,835 | $5,692 |
Source: Ownwell