Solway, Minnesota Property Taxes
The median property tax rate in Solway, MN, is 0.37%, considerably 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 $278,050, the typical annual property tax bill reaches $566, significantly below the national median of $2,690. Property taxes in Solway are calculated based on the tax assessed value, which typically 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 Clearwater 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
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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 crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Solway is 0.37%, significantly 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 highest median property tax rate in the region is found in another area with a rate significantly higher than Solway's. Understanding how these cities compare with Solway provides valuable insights into the varying tax landscape across Clearwater County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solway Tax Rate
0.37%
Average Clearwater County Tax Rate
0.60%
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 | 0.15% | 0.21% | 0.37% | 0.49% | 0.50% |
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 Clearwater 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. Being aware of these valuation processes in Solway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56678 has the highest and lowest median tax bill at $566.
Average Solway Assessed Value
$278,050
Average Clearwater County Assessed Value
$127,300
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 | $151,030 | $207,775 | $278,050 | $328,675 | $350,050 |
Source: Ownwell
Property Tax Bills Across Solway, Minnesota
In Solway, Clearwater County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of your property. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. Homeowners in Solway typically see a range of property tax bills. At the 25th percentile, the tax bill is around $506, while at the 75th percentile, it reaches $895. For those at the higher end of the spectrum, the 90th percentile tax bill can be as much as $1,466. These figures indicate that while some homeowners enjoy relatively low property taxes, others may face higher bills, significantly impacting their annual financial planning. Compared to the national median property tax rate of 0.99%, Solway's property tax rates can vary, but they generally align with national trends, ensuring that homeowners contribute a fair share to local services and infrastructure.
Average Solway Tax Bill
$566
Average Clearwater County Tax Bill
$812
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 | $421 | $506 | $566 | $895 | $1,466 |
Source: Ownwell