Solon, Maine Property Taxes
The median property tax rate in Solon, ME is 1.66%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Solon at $114,130, the typical annual property tax bill reaches $1,894, exceeding the national median of $2,690. Property taxes in 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 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, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$1,895
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, Maine
Property taxes in Solon, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Solon is 1.66%, significantly higher than 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 Maine and the national median. For comparison, the 04979 zip code has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these cities compare with Solon provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solon Tax Rate
1.66%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04979 | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Solon, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Solon, Maine. 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 Somerset 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 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. The median home price in Solon is $114,130, with property tax bills ranging from $1,570 at the 25th percentile to $2,979 at the 90th percentile. The highest and lowest median tax bills are both $1,894, found in the zip code 04979. By understanding 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 Solon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Solon Assessed Value
$114,130
Average Somerset County Assessed Value
$105,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Solon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04979 | $74,940 | $94,575 | $114,130 | $142,395 | $181,632 |
Source: Ownwell
Property Tax Bills Across Solon, Maine
In Solon, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessor and reflects the market value of the property. For instance, with a median home price of $114,130, homeowners can expect their tax bill to fall within a range, depending on their property's specific assessment and any applicable exemptions. Several factors influence the final tax bill, including property size, location, and improvements made to the home. In Solon, the tax bill at the 25th percentile is $1,570, while at the 75th percentile, it rises to $2,361. For those at the 90th percentile, the tax bill can reach up to $2,979. These figures highlight the variability in tax bills based on property characteristics and assessments. Compared to the national median property tax rate of 0.99%, Solon's tax rates can significantly impact homeowners, making it crucial for them to understand their property's assessed value and any potential exemptions to manage their tax obligations effectively.
Average Solon Tax Bill
$1,894
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Solon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04979 | $1,244 | $1,570 | $1,894 | $2,361 | $2,979 |
Source: Ownwell