Solon, Iowa Property Taxes
The median property tax rate in Solon, IA is 1.32%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Solon at $325,300, the typical annual property tax bill reaches $4,378, significantly exceeding the national median of $2,690. Property taxes in Solon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Solon'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 Solon or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Solon, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$4,294
Ownwell’s Solon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Solon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Solon 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 Solon, Iowa
Property taxes in Solon, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Solon is 1.32%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Solon set these rates annually, and they can vary across different neighborhoods. Each year, Solon 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 Solon's effective property tax rate to other counties in Iowa and the national median. For comparison, the zip code 52333 has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Solon provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solon Tax Rate
1.32%
Average Johnson County Tax Rate
1.71%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52333 | 1.11% | 1.21% | 1.32% | 1.53% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Solon, Iowa
In Solon, Iowa, 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 Johnson County Assessor 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 Solon, 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 Solon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bill in Solon is 52333, with a tax bill of $4,378.
Average Solon Assessed Value
$325,300
Average Johnson County Assessed Value
$229,790
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Solon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52333 | $123,300 | $218,500 | $325,300 | $473,300 | $636,760 |
Source: Ownwell
Property Tax Bills Across Solon, Iowa
In Solon, Johnson County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate. For instance, the median home price in Solon is $325,300. Property tax bills can vary significantly, with the 25th percentile tax bill at $3,243 and the 75th percentile reaching $6,392. At the 90th percentile, homeowners might see tax bills as high as $8,393. Factors influencing these variations include property location, home improvements, and market conditions. The local property tax rate in Solon is a crucial component, and it can be compared to the national median property tax rate of 0.99%. Homeowners in Solon face property tax bills that can significantly impact their annual expenses, making it essential to understand how these taxes are calculated and the factors that affect them.
Average Solon Tax Bill
$4,378
Average Johnson County Tax Bill
$3,786
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Solon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52333 | $2,289 | $3,243 | $4,378 | $6,392 | $8,393 |
Source: Ownwell