Olney, Texas Property Taxes
The median property tax rate in Olney, TX is 2.78%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Olney, the typical annual property tax bill reaches $1,170, which is below the national median of $2,690. Property taxes in Olney are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Olney's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Olney or another part of the city, grasping 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, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Olney is 2.78%, significantly higher than both the Texas state median of 1.81% 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 2.78%, while the same 76374 zip code also has the lowest median tax rate of 2.78%. Understanding how these cities compare with Olney provides valuable insights into the varying tax landscape across Young County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olney Tax Rate
2.78%
Average Young County Tax Rate
2.25%
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 | 1.33% | 1.92% | 2.78% | 2.78% | 2.78% |
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 Young 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. In Olney, the highest median tax bill is $1,170 in the 76374 zip code, which is also the lowest. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Olney Assessed Value
$50,800
Average Young County Assessed Value
$91,060
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 | $8,740 | $22,015 | $50,800 | $104,210 | $219,684 |
Source: Ownwell
Property Tax Bills Across Olney, Texas
In Olney, located in Young County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Olney experience varying tax bills, with the 25th percentile paying around $529 annually and the 75th percentile facing bills as high as $2,192. For those in the 90th percentile, tax bills can reach up to $3,758. Compared to the national median property tax rate of 0.99%, the property taxes in Olney can significantly impact homeowners, especially those with higher-valued properties. Understanding how these taxes are calculated helps residents plan their finances and potentially seek exemptions or appeals to manage their tax burden effectively.
Average Olney Tax Bill
$1,170
Average Young County Tax Bill
$1,705
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 | $216 | $529 | $1,170 | $2,192 | $3,758 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Young Appraisal District | |
| Website | esearch.youngcad.org |