Solon, Iowa Property Taxes
The median property tax rate in Solon, IA is 1.72%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Solon, the typical annual property tax bill reaches $4,176, exceeding the national median of $2,690. Property taxes in Solon 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 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
1.72%
Estimate Property Tax Bill
$4,006
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Solon is 1.72%, significantly higher than both the Iowa state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Solon set these rates annually, and they can vary significantly 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. Understanding how Solon's effective property tax rate compares to other counties in Iowa and the national median provides valuable insights into the varying tax landscape across Linn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solon Tax Rate
1.72%
Average Linn County Tax Rate
1.84%
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 | 1.64% | 1.67% | 1.72% | 1.76% | 1.78% |
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 Linn 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. The median home price in Solon is $232,900, with tax bills ranging from $3,285 at the 25th percentile to $5,029 at the 90th percentile. The zip code 52333 has the highest median tax bill at $4,176, which is also the lowest median tax bill for the area. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Solon Assessed Value
$232,900
Average Linn County Assessed Value
$173,500
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 | $164,500 | $190,150 | $232,900 | $268,400 | $289,700 |
Source: Ownwell
Property Tax Bills Across Solon, Iowa
Property tax bills in Solon, located in Linn County, IA, are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects the property's market value. Various factors influence this value, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Solon, the median home price is $232,900, which serves as a benchmark for understanding property tax bills in the area. Homeowners in the 25th percentile pay around $3,285 annually, while those in the 75th percentile see bills closer to $4,709. The 90th percentile reaches up to $5,029. These figures highlight the variability in property tax bills, largely dependent on the assessed value of individual properties. Compared to the national median property tax rate of 0.99%, Solon's rates can be considered relatively high, impacting homeowners significantly. Accurate assessments and understanding local tax rates are crucial for homeowners to manage their financial responsibilities effectively.
Average Solon Tax Bill
$4,176
Average Linn County Tax Bill
$3,328
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 | $2,750 | $3,285 | $4,176 | $4,709 | $5,029 |
Source: Ownwell