Olney, Texas Property Taxes
The median property tax rate in Olney, TX is 2.00%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Olney at $69,080, the typical annual property tax bill reaches $1,124, exceeding 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, 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 assists homeowners, real estate investors, and potential buyers in estimating 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 provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Olney, Texas
Property taxes in Olney, Texas, 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%, higher than both the Texas 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 Texas and the national median. For comparison, the 76374 zip code has the highest median property tax rate of 2.00%, while the 76374 zip code also has the lowest median tax rate of 2.00%. Understanding how these cities compare with Olney provides valuable insights into the varying tax landscape across Throckmorton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olney Tax Rate
2.00%
Average Throckmorton County Tax Rate
2.65%
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 | 1.70% | 1.95% | 2.00% | 2.04% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Olney, Texas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Olney, Texas. 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 Throckmorton 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. Assessment notices in Olney 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 has both the highest and lowest median tax bill at $1,124, which is higher than the national median property tax rate of 0.99%.
Average Olney Assessed Value
$69,080
Average Throckmorton County Assessed Value
$42,190
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 | $31,896 | $41,820 | $69,080 | $72,820 | $105,160 |
Source: Ownwell
Property Tax Bills Across Olney, Texas
In Olney, property tax bills are calculated based on the assessed value of your home, which is derived from the market value. The local tax rate is then applied to this assessed value. For example, with a median home price of $69,080, the tax bill can vary significantly depending on various factors such as property size, location, and any applicable exemptions. Homeowners in Olney typically see tax bills ranging from $853 at the 25th percentile to $2,088 at the 90th percentile. The median property tax rate in Olney is notably higher than the national median of 0.99%, reflecting the unique local economic conditions and funding needs. These tax bills contribute significantly to community services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated can help homeowners plan their finances better and potentially identify opportunities for tax relief through appeals or exemptions.
Average Olney Tax Bill
$1,124
Average Throckmorton County Tax Bill
$1,022
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 | $637 | $853 | $1,124 | $1,409 | $2,088 |
Source: Ownwell