Olney, Illinois Property Taxes
The median property tax rate in Olney, IL is 2.00%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Olney, the typical annual property tax bill reaches $2,343, slightly below the national median of $2,690. Property taxes in Olney 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 Olney'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 Olney 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
Olney, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$2,347
$2,178
Ownwell’s Olney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olney 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 Olney, Illinois
Property taxes in Olney, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olney is 2.00%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Olney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olney 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 Olney's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62450 zip code has the highest median property tax rate of 2.00%, while the same zip code also holds the lowest median tax rate of 2.00%. Understanding how these cities compare with Olney provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olney Tax Rate
2.00%
Average Wayne County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olney, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62450 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Olney, Illinois
In Olney, 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 Wayne County Assessment 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 Olney, 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. Being aware of these valuation processes in Olney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2343, found in the 62450 zip code.
Average Olney Assessed Value
$117,330
Average Wayne County Assessed Value
$66,714
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olney, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62450 | $117,330 | $117,330 | $117,330 | $117,330 | $117,330 |
Source: Ownwell
Property Tax Bills Across Olney, Illinois
In Olney, located in Wayne County, IL, property tax bills are calculated based on the assessed value of a home. This assessed value is typically a percentage of the home's market value. For homeowners in Olney, the median home price is $117,330. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding, and public services significantly influence this rate. In Olney, the tax bill remains consistent across various percentiles, with the 25th, 75th, and 90th percentiles all seeing a tax bill of $2,343. This consistency suggests a uniform application of tax rates within the community. Compared to the national median property tax rate of 0.99%, homeowners in Olney experience a relatively predictable tax environment. This stability in property tax bills can provide homeowners with a clearer financial outlook, aiding in better budgeting and financial planning.
Average Olney Tax Bill
$2,343
Average Wayne County Tax Bill
$1,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Olney, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62450 | $2,343 | $2,343 | $2,343 | $2,343 | $2,343 |
Source: Ownwell