Solway, Minnesota Property Taxes
The median property tax rate in Solway, MN is 0.75%, which is significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Solway at $181,750, the typical annual property tax bill comes to $1,144, well below the national median of $2,690. Property taxes in Solway are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Solway's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Solway or another part of Beltrami County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Solway, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,363
Ownwell’s Solway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Solway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Solway 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 Solway, Minnesota
Property taxes in Solway, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Solway is 0.75%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Solway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Solway 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 Solway's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56678 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Solway provides valuable insights into the varying tax landscape across Beltrami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solway Tax Rate
0.75%
Average Beltrami County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solway, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56678 | 0.40% | 0.57% | 0.75% | 0.83% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Solway, Minnesota
In Solway, Minnesota, 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 Beltrami 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 Solway, 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. For instance, the zip code 56678 has the highest median tax bill at $1,144, while the lowest median tax bill is also $1,144. Being aware of these valuation processes in Solway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Solway Assessed Value
$181,750
Average Beltrami County Assessed Value
$190,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Solway, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56678 | $34,140 | $97,875 | $181,750 | $272,325 | $353,490 |
Source: Ownwell
Property Tax Bills Across Solway, Minnesota
In Solway, located in Beltrami County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Solway is $181,750. The tax rate in Beltrami County is applied to this assessed value to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax amount. Homeowners in Solway experience a range of property tax bills. For instance, the 25th percentile tax bill is $594, while the 75th percentile tax bill is $1,836, and the 90th percentile tax bill reaches up to $2,494. These figures illustrate the variability in tax obligations based on property values and assessments. Compared to the national median property tax rate of 0.99%, Solway's property tax bills reflect the local economic conditions and property values, significantly affecting homeowners' annual financial planning and housing costs.
Average Solway Tax Bill
$1,144
Average Beltrami County Tax Bill
$1,559
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Solway, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56678 | $281 | $594 | $1,144 | $1,836 | $2,494 |
Source: Ownwell