Solomon, Kansas Property Taxes
The median property tax rate in Solomon, KS is 1.42%, slightly below the Kansas state median of 1.43% but still higher than the national median of 0.99%. With a median home value in Solomon of $230,090, the typical annual property tax bill reaches $2,990, surpassing the national median of $2,690. Property taxes in Solomon are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as 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 helps any homeowner, real estate investor, or potential owner estimate 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 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 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 1.42%, 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 both the highest and the lowest median property tax rate of 1.42%. Understanding how these areas compare with Solomon provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solomon Tax Rate
1.42%
Average Saline County Tax Rate
1.59%
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 | 1.09% | 1.24% | 1.42% | 1.65% | 2.07% |
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 Saline 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, amounting to $2,990, which is significantly higher than the national median property tax rate of 0.99%.
Average Solomon Assessed Value
$230,090
Average Saline County Assessed Value
$132,900
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 | $134,120 | $164,100 | $230,090 | $290,810 | $352,100 |
Source: Ownwell
Property Tax Bills Across Solomon, Kansas
In Solomon, located in Saline County, KS, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. For instance, if the median home price is $230,090, the assessed value is calculated using a specific assessment ratio set by the county. The property tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the tax bill, including the home's market value, local tax rates, and any applicable exemptions. In Solomon, the tax bills can vary significantly, with the 25th percentile tax bill at $2,233 and the 75th percentile reaching $4,068. Homeowners in Solomon face varying tax obligations, which can impact their financial planning and overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Solomon's property tax rates and resulting bills can be higher or lower depending on specific circumstances, illustrating the importance of understanding local tax dynamics.
Average Solomon Tax Bill
$2,990
Average Saline County Tax Bill
$2,055
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 | $1,791 | $2,233 | $2,990 | $4,068 | $5,540 |
Source: Ownwell