Olney, Texas Property Taxes
The median property tax rate in Olney, TX is 0.67%, significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $116,585 in Olney, the typical annual property tax bill is around $1,394, which is much less than the national median of $2,690. Property taxes in Olney are calculated based on the assessed value, which often 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, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
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, Texas
Property taxes in Olney, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olney is 1.50%, higher than both the Texas state median of 1.80% 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 Texas and the national median. For comparison, the 76374 zip code has the highest median property tax rate of 2.05%, while the 76374 zip code has the lowest median tax rate of 1.50%. Understanding how these cities compare with Olney provides valuable insights into the varying tax landscape across Baylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olney Tax Rate
0.67%
Average Baylor County Tax Rate
1.37%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76374 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Olney, Texas
In Olney, Texas, 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 Baylor County 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 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 zip code 76374 in Olney has the highest and lowest median tax bill, both at $1,394, which contrasts with the national median property tax rate of 0.99%.
Average Olney Assessed Value
$116,585
Average Baylor County Assessed Value
$66,610
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76374 | $43,613 | $70,978 | $116,585 | $162,192 | $189,557 |
Source: Ownwell
Property Tax Bills Across Olney, Texas
In Olney, TX, property tax bills are calculated based on the assessed value of the property and the applicable tax rate set by local taxing authorities. The assessed value is determined by the county appraisal district and reflects the market value of the property. For instance, with a median home price of $116,585, the property tax bill can vary depending on the valuation and tax rate. In Baylor County, where Olney is located, the median tax bill stands at $1,394, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Olney can face financial impacts due to these tax bills, as they represent a considerable annual expense. Understanding how these factors interplay can help homeowners better anticipate their property tax obligations and plan accordingly.
Average Olney Tax Bill
$1,394
Average Baylor County Tax Bill
$900
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Olney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76374 | $1,394 | $1,394 | $1,394 | $1,394 | $1,394 |
Source: Ownwell