62970 Property Tax Rate

Property owners in ZIP code 62970 (Olmsted, Illinois) pay a median of $1,415/year in property taxes on homes valued at $165,000. This translates to an effective tax rate of 0.86%, which is 54% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62970 is approximately $118, which factors into escrow payments on mortgages. This ZIP code is located within Pulaski County. This is $2,086 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62970 has higher property taxes. ZIP codes with similar effective rates include 62352 (0.85%) and 62905 (0.87%).

In Olmsted, property taxes represent approximately 2.7% of the median household income of $52,500, providing context for the relative tax burden on homeowners in this area.

Illinois law caps assessed value growth at 7% annually, but Pulaski County will reassess your property at market value upon purchase. The General Homestead Exemption reduces assessed value by $10,000 for primary residences — apply to the Pulaski County Assessor's office within the first tax year of ownership. File your exemption claim and request a copy of your Notice of Assessment to confirm the reassessment is accurate.