South Solon, Ohio Property Taxes
The median property tax rate in South Solon, OH is 1.49%, which is considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in South Solon at $244,100, the typical annual property tax bill reaches $3,549, exceeding the national median of $2,690. Property taxes in South 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 South 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 South Solon or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Solon, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s South Solon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Solon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South 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 South Solon, Ohio
Property taxes in South Solon, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Solon is 1.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within South Solon set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South Solon's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43153 zip code has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with South Solon provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Solon Tax Rate
1.49%
Average Fayette County Tax Rate
1.38%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Solon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43153 | 0.58% | 0.69% | 1.49% | 1.67% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across South Solon, Ohio
In South Solon, Ohio, 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 Fayette 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 South 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 South Solon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in South Solon is 43153, both with a median tax bill of $3,549.
Average South Solon Assessed Value
$244,100
Average Fayette County Assessed Value
$107,500
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Solon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43153 | $41,600 | $116,000 | $244,100 | $732,900 | $1,400,680 |
Source: Ownwell
Property Tax Bills Across South Solon, Ohio
In South Solon, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. For instance, a home with a median price of $244,100 will have its tax bill determined by multiplying the assessed value by the local tax rate. The tax rate in South Solon is influenced by various factors, including local government budgets, school funding, and public services. Homeowners in South Solon can expect their tax bills to vary significantly. At the 25th percentile, tax bills can be as low as $1,679, while at the 75th percentile, they can rise to $5,265. In some cases, tax bills can reach up to $8,120 at the 90th percentile. Compared to the national median property tax rate of 0.99%, South Solon's tax rates may lead to higher tax bills, impacting homeowners' annual expenses and influencing their decisions on property investments and homeownership.
Average South Solon Tax Bill
$3,549
Average Fayette County Tax Bill
$1,527
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across South Solon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43153 | $733 | $1,679 | $3,549 | $5,265 | $8,120 |
Source: Ownwell