Solomon, Kansas Property Taxes
The median property tax rate in Solomon, KS is 1.81%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Solomon, the typical annual property tax bill reaches $1,992, exceeding the national median of $2,690. Property taxes in Solomon 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 Solomon'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 Solomon 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
Solomon, Kansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$2,860
Ownwell’s Solomon Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Solomon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Solomon to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Solomon, Kansas
Property taxes in Solomon, Kansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Solomon is 1.81%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Solomon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Solomon 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 Solomon's effective property tax rate to other counties in Kansas and the national median. For comparison, the zip code 67480 has the highest median property tax rate of 1.81%, while the same zip code also has the lowest median tax rate of 1.81%. Understanding how these cities compare with Solomon provides valuable insights into the varying tax landscape across Ottawa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solomon Tax Rate
1.81%
Average Ottawa County Tax Rate
1.87%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solomon, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67480 | 1.59% | 1.68% | 1.81% | 2.26% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Solomon, Kansas
In Solomon, Kansas, 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 Ottawa 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 Solomon, 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 Solomon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 67480, with a value of $1,992, while the lowest median tax bill is also in the same zip code at $1,992.
Average Solomon Assessed Value
$120,970
Average Ottawa County Assessed Value
$109,750
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Solomon, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67480 | $7,810 | $72,355 | $120,970 | $195,105 | $290,830 |
Source: Ownwell
Property Tax Bills Across Solomon, Kansas
In Solomon, KS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. For instance, with a median home price of $120,970, the assessed value forms the basis for calculating the tax bill. The tax rate, or mill levy, is then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including property characteristics, local tax rates, and any applicable exemptions or deductions. Homeowners in Solomon can expect tax bills to vary widely, with the 25th percentile at $1,173 and the 75th percentile reaching $4,109. The highest median tax bill in the area is $1,992, which is relatively moderate compared to the national median property tax rate of 0.99%. These tax obligations significantly impact homeowners, affecting their annual budgets and long-term financial planning.
Average Solomon Tax Bill
$1,992
Average Ottawa County Tax Bill
$1,977
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Solomon, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67480 | $172 | $1,173 | $1,992 | $4,109 | $5,546 |
Source: Ownwell