Solon, Cedar County, Iowa Property Taxes
The median property tax rate in Solon, IA is 1.12%, slightly higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With the median home value in Solon at $230,920, the typical annual property tax bill amounts to $2,290, which is below the national median of $2,690. Property taxes in Solon are calculated based on the tax assessed value, often lower than the market value due to exemptions like 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, Cedar County, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$2,586
$2,400
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, Cedar County, 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 1.12%, higher than both the Iowa state median 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. The data below compares Solon's effective property tax rate to other counties in Iowa and the national median. For comparison, the 52333 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Solon provides valuable insights into the varying tax landscape across Cedar County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solon Tax Rate
1.12%
Average Cedar County Tax Rate
1.28%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solon, Cedar County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52333 | 0.95% | 1.05% | 1.12% | 1.21% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Solon, Cedar County, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Solon, Iowa. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Cedar 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. Assessment notices in Solon 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. In Solon, the median home price stands at $230,920. The tax bill at the 25th percentile is $1,566, at the 75th percentile is $4,040, and at the 90th percentile is $6,448. Interestingly, the highest and lowest median tax bills are both $2,290, found in the 52333 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Solon, Cedar County, Iowa
Source: Ownwell
$107,830
$208,235
$308,640
Average Solon Assessed Value
$230,920
Average Cedar County Assessed Value
$186,910
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Solon, Cedar County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52333 | $55,514 | $135,960 | $230,920 | $382,170 | $618,358 |
Source: Ownwell
Property Tax Bills Across Solon, Cedar County, Iowa
In Solon, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners, the median home price is $230,920. Property taxes in Solon are influenced by various factors, including the local tax rate, which in Cedar County is competitive when compared to the national median property tax rate of 0.99%. Homeowners can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,566, while it rises to $4,040 at the 75th percentile. At the 90th percentile, the tax bill can reach as high as $6,448. These variations depend on the property's assessed value and any applicable exemptions or deductions. The highest and lowest median tax bills in Solon are both $2,290, indicating a consistent tax rate across different properties. Understanding these factors helps homeowners budget more effectively and plan for their financial responsibilities.
Average Solon Tax Bill
$2,290
Average Cedar County Tax Bill
$2,390
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Solon, Cedar County, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52333 | $406 | $1,566 | $2,290 | $4,040 | $6,448 |
Source: Ownwell