South Solon, Madison County, Ohio Property Taxes
The median property tax rate in South Solon, OH is 1.41%, considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in South Solon at $78,580, the typical annual property tax bill reaches $1,109, which is below 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 Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Solon, Madison County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$1,108
$1,028
Ownwell’s South Solon Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in South Solon with just two simple data points. By entering your property's estimated assessed value, the calculator automatically applies the median tax rate in South Solon to provide an estimate of your property tax bill. This powerful tool helps you gain a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Madison County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across South Solon, Madison County, 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 1.41%, which is notably higher than both the Ohio state median and 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 zip code 43153 has the highest median property tax rate of 1.41%, while the lowest median tax rate is also 1.41%. Understanding how these cities compare with South Solon provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Solon Tax Rate
1.41%
Average Madison County Tax Rate
1.59%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Solon, Madison County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43153 | 1.12% | 1.26% | 1.41% | 1.47% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across South Solon, Madison County, 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 Madison 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. For instance, in zip code 43153, the median tax bill is $1,109, which is consistent across both the highest and lowest median tax bills in the area.
Property Tax Assessment Values Across South Solon, Madison County, Ohio
Source: Ownwell
$78,580
$165,693
$252,805
Average South Solon Assessed Value
$78,580
Average Madison County Assessed Value
$142,200
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Solon, Madison County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43153 | $26,312 | $54,555 | $78,580 | $130,935 | $198,370 |
Source: Ownwell
Property Tax Bills Across South Solon, Madison County, Ohio
In South Solon, Madison County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $78,580, homeowners in South Solon can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is around $783, while at the 75th percentile, it reaches $1,726. For those at the 90th percentile, the bill can go up to $2,587. Factors influencing the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions. These taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, South Solon's rates can be seen as relatively moderate, impacting homeowners by contributing to both their annual financial planning and the quality of local services they receive.
Average South Solon Tax Bill
$1,109
Average Madison County Tax Bill
$2,428
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across South Solon, Madison County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43153 | $395 | $783 | $1,109 | $1,726 | $2,587 |
Source: Ownwell