Solway, Minnesota Property Taxes
The median property tax rate in Solway, MN is 0.75%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value in Solway of $173,500, the typical annual property tax bill is $1,158, falling well below the national median of $2,690. Property taxes in Solway are calculated based on the tax-assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Solway's property tax system, homeowners and real estate investors can explore available exemptions and identify opportunities for reductions, potentially leading to significant annual savings. Whether you're in the heart of Solway or another part of the city, having a grasp of the local property tax system is beneficial.
Last Updated June 14, 2024
Solway, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,301
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 essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Solway is 0.75%, which is lower than 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 zip code 56678 has the same median property tax rate of 0.75%. Understanding how these areas compare with Solway provides valuable insights into the varying tax landscape across Hubbard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solway Tax Rate
0.75%
Average Hubbard County Tax Rate
0.75%
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 | 0.55% | 0.67% | 0.75% | 0.81% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Solway, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Solway, Minnesota. 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 Hubbard 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. For instance, the median home price in Solway is $173,500, with tax bills ranging from $730 at the 25th percentile to $2,299 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Solway Assessed Value
$173,500
Average Hubbard County Assessed Value
$236,000
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 | $60,400 | $101,500 | $173,500 | $247,900 | $329,880 |
Source: Ownwell
Property Tax Bills Across Solway, Minnesota
In Solway, Hubbard County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $173,500, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors such as property location, improvements, and market conditions influence the assessed value. The tax bill can range significantly; the 25th percentile tax bill is around $730, while the 75th percentile reaches $1,692, and the 90th percentile can be as high as $2,299. Compared to the national median property tax rate of 0.99%, these figures illustrate the variability within the region. Higher property taxes can impact homeowners by increasing their annual expenses, which can be particularly significant for those on fixed incomes or with limited financial flexibility.
Average Solway Tax Bill
$1,158
Average Hubbard County Tax Bill
$1,832
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 | $448 | $730 | $1,158 | $1,692 | $2,299 |
Source: Ownwell