Your Property Values And Taxes
Property taxes are typically based on the assessed value and everyone wants their property’s value to increase. Housing values in the Village of Olympia are strong. According to the Multiple Listing Service (MLS), as of November 2024, the median home selling price in Olympia Fields was $360,000. This represents a 16.1% increase from the same period in the previous year. Click here for more on...Increased Home Values
As property values increase, the assessed value for tax purposes usually rises correspondingly, leading to higher potential property tax bills for homeowners. Conversely, if property values decline, the assessed value may decrease, potentially lowering property tax obligations.
However, the relationship between property values and taxes is influenced by several factors:
• Assessment Practices & Exemptions: Cook County offers exemptions and relief programs to protest assessments that often limit the impact of rising property values on taxes. This Administration held a number of workshops for Olympia Fields residents to help ensure every exemption and protest opportunity available was taken. Over the past two years, more than 300 residents have taken advantage of these free workshops, many received tax reductions. President Burke, Trustees Victor Blackwell and Kelvin Oliver organized and led these very successful workshops.
• Tax Rates: Local governments set tax rates based on budgetary needs. This is what is known as a tax “Levy”. Even if property values remain constant, an increase in tax rates can lead to higher property taxes. This Administration's Guiding Financial Management Principle is to “Hold The Line On Taxes”. The Village of Olympia Fields has not raised water rates in eight years. This Village Administration has not raised the Tax Levy (Tax Rate) for three consecutive years.
The opposition is making wild claims about, “Flat Property Taxes - It Is A Political Myth". They’re misleading you. They’re using frustration and fear to get votes, but they don’t have a plan or a clue on how to make it happen or reduce you tax burden. They’re just preying on our pain as homeowners, and that’s disingenuous and unethical. We all want lower property taxes, but we shouldn’t fall for empty promises and half-baked ideas. This Administration has controlled what we assess in taxes but are also working with County and State Officials to bring about additional tax relief with a New Tax Circuit Breaker Bill. Read on for a real example of how one of your neighbors actually saved more than $5,000 off their tax bill, for free.
THE VILLAGE CONDUCTED A NUMBER OF FREE TAX SEMINARS ON HOW TO CUT TAXES
The following is a real Olympia Fields tax bill. The property was valued at $400,000 and the final taxes payable in 2024 were $14,088.99 after exemptions. Note, the total tax bill paid by the resident, was reduced by more than $5,200. To see how this was accomplished, follow along to see how you could save a corresponding amount in your annual budget. The Village's share (13%) of this sample tax bill was just $1,777 year or $148 / month. This is a great example of how This Administration "held the line" on your property tax but also provided excellent return on the taxes paid for Village Services for less than a cup of coffee from Starbucks per day.
The local tax rate is the blended sum of all the taxing bodies. Note: the Village of Olympia Fields is only 13% of that blended tax rate
Note: There are 3 potential Exemptions
The village's workshop helped over 300 residents file for these exemptions. In this case $2470.50 in tax reductions
Filing for a reassessment of your property value can often reduce you tax
WHERE YOUR TAXES GO
$14,088.99
Protesting property value assessment, taking every exemption available and not paying property taxes & insurance premiums via a mortgage escrow saved this resident $5,230.42 on their most current tax bill.
Here are some other things that might affect your property values and taxes:
* Businesses are dynamic and are driven by profitability. They will come and go depending their bottom line. In our community, the Olympia Fields Zip Code can be attractive for a business, but it also means they may have to pay higher taxes. Commercial for-profit businesses have a positive impact on your property taxes. It’s a delicate balancing act. This Administration has been successful in attracting new businesses to Olympia Fields. To ensure a long lasting positive relationship with those businesses, our residents need to buy from the businesses in our community.
* Non-profit organizations can also affect your taxes. They want to be in the Olympia Fields Zip Code too, because it gives them a more professional look, and helps them raise money. But they don’t pay property taxes or generate sales taxes. Additionally, they may also occupy valuable locations that tax generating businesses might otherwise occupy. Collectively, these factors can have a negative impact on your property tax bill.
* Services businesses pay property taxes, but they don’t generate sales tax. They might fill an empty space, but they still may not help the local economy and lower your tax bill. They’re better than nonprofits, but not as good as businesses that generate both sales and property taxes. If they’re owned and operated by people who live in our community, they could be a good thing.
* The quality of schools is the most important thing that affects property values and your taxes. Academics, safety, and race are all important. Private and charter schools are an option, but they’re an extra tax burden. People will pay more money for property in a community and pay higher taxes where there are good schools.