Olney, Richland County, Illinois Property Taxes
Property Taxes in Olney, Illinois
Median Olney, Illinois effective property tax rate: 2.28%, significantly lower than the national median of 1.02%, and lower than the Illinois state median of 2.33%.
Median Olney, Illinois home value: $73,854
Median annual Olney, Illinois tax bill: $1,569, lower than the national median property tax bill of $2,400.
How are property taxes in Richland calculated?
Property taxes in Olney, Illinois 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 April 13, 2026
Olney, Richland County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.28%
Estimate Property Tax Bill
$1,684
$1,563
How Does the Olney Property Tax Calculator Work?
Use this Olney property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Olney's median effective tax rate of 2.28% — based on actual property records in Richland County — to generate your estimate.
Enter your property's estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Olney's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Olney: rates range from 2.28% in 62450 to 2.28% in 62450, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Olney.
About Olney Property Taxes
About Property Taxes in Olney, Richland, Illinois
Olney’s median effective property tax rate of 2.28% is lower than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the Richland County levy combined with local school district levies and other local charges that shape the assessed value homeowners pay each year.
Property tax rates are not uniform across Olney. Homeowners in the 62450 ZIP code carry a median effective rate of 2.28%, and the same ZIP also has the city’s median home price of $73,854 and median tax bill of $1,569. Understanding how your property is assessed can make a meaningful difference to your annual tax bill.
Olney homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the January 1, 1900 deadline each year.
If your estimated bill seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Olney, Richland County, Illinois
As noted earlier, 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.
Below, you can compare Olney's effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
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
2.28%
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 Richland County Tax Rate
2.29%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Olney, Richland County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62450 | 1.25% | 1.80% | 2.28% | 2.53% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Olney, Richland County, Illinois
When examining property taxes in Olney, Illinois, 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 Richland 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.
Assessment notices:
In Richland County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
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 $73,854, with tax bills ranging significantly across the county. 62450 has the highest median home price at $73,854.
Property Tax Assessment Values Across Olney, Richland County, Illinois
Source: Ownwell
$72,603
$119,903
$167,202
Median Olney Market Value
$73,854
Median Richland County Market Value
$86,475
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across Olney, Richland County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62450 | $22,769 | $42,267 | $73,854 | $136,746 | $224,138 |
Source: Ownwell
Property Tax Bills Across Olney, Richland County, Illinois
Property tax bills in Olney are calculated from a home’s assessed value and the local tax rate, which together determine how much a homeowner owes each year. The assessed value is based on the market value of the property, and local taxing authorities apply their rates to that value to set the bill. For homeowners in Richland County, the median home price is $73,854, which helps explain why tax bills can vary widely from one property to another.
In Olney, the 25th percentile tax bill is $845, while the 75th percentile is $3,208 and the 90th percentile reaches $5,403. The median tax bill in the area is $1,569, which is below the national median property tax bill of $2,400 and the national median property tax rate of 1.02%. Higher assessed values or higher local rates can raise a bill quickly, while lower assessments can reduce the burden for homeowners.
Median Olney Tax Bill
$1,569
Median Richland County Tax Bill
$1,915
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Olney, Richland County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62450 | $472 | $845 | $1,569 | $3,208 | $5,403 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | January 1 |
Links | |
|---|---|
| Richland Tax Assessor | |
| Website | www.govtechtaxpro.com |