Olney, Young County, Texas Property Taxes
Median Olney, TX effective property tax rate: 2.78%, significantly higher than the national median of 1.02%, but lower than the Texas state median of 1.67%.
Median Olney, TX home value: $50,800
Median annual Olney, TX tax bill: $1,170, $1,230 lower than the national median property tax bill of $2,400.
How are property taxes in Young County calculated?
Property taxes in Olney, TX 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, Young County, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.78%
Estimate Property Tax Bill
$1,412
$1,311
Property Tax Rates Across Olney, Young County, Texas
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.
In Olney, located in Young County, property tax rates reflect the county's budgetary needs and the total assessed property values. The effective property tax rate in Olney is significantly higher than both the Texas median and the national median, which stands at 1.02%. This discrepancy highlights the variability in property tax rates across different regions. While the national median property tax bill is $2,400, residents in Olney may experience different tax burdens due to the local rate. Property owners in Olney should be aware of these rates as they plan their finances and consider the benefits of appealing their property tax assessments. Understanding the local property tax landscape can lead to significant savings and ensure that property taxes are fair and equitable.
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
2.78%
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 Young County Tax Rate
2.25%
Median Effective Texas Tax Rate
1.67%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Olney, Young County, 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, Young County, Texas
When examining property taxes in Olney, TX, 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 Young 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 Young County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 $50,800, with tax bills ranging significantly across the county. 76374 has the highest median home price at $50,800.
Property Tax Assessment Values Across Olney, Young County, Texas
Source: Ownwell
$24,000
$66,828
$109,655
Median Olney Market Value
$50,800
Median Young County Market Value
$91,060
Median Texas Market Value
$247,950
Median United States Market Value
$235,294
Property Tax Assessment Values Across Olney, Young County, 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, Young County, Texas
Median Olney Tax Bill
$1,170
Median Young County Tax Bill
$1,705
Median Texas Tax Bill
$3,971
Median United States Tax Bill
$2,400
Property Tax Bills Across Olney, Young County, 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 |