Solon Springs, Wisconsin Property Taxes
The median property tax rate in Solon Springs, WI is 0.83%, which is lower than both the national median of 0.99% and Wisconsin's state median of 1.58%. With the median home value in Solon Springs at $180,600, the typical annual property tax bill amounts to $1,487, falling below the national median of $2,690. Property taxes in Solon Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Solon Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Solon Springs or another part of Bayfield County, grasping the local property tax system is crucial for financial planning and investment strategies.
Last Updated June 14, 2024
Solon Springs, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,499
Ownwell’s Solon Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Solon Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Solon Springs 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 Springs, Wisconsin
Property taxes in Solon Springs, Wisconsin, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Solon Springs is 0.83%, which is lower than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Solon Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Solon Springs 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 Springs' effective property tax rate to other areas in Wisconsin and the national median. For comparison, the 54873 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these figures compare with Solon Springs provides valuable insights into the varying tax landscape across Bayfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solon Springs Tax Rate
0.83%
Average Bayfield County Tax Rate
1.14%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solon Springs, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54873 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Solon Springs, Wisconsin
In Solon Springs, Wisconsin, 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 Bayfield 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 Springs, 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 Solon Springs 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 is 54873, with a value of $1487.
Property Tax Assessment Values Across Solon Springs, Wisconsin
Source: Ownwell
$79,500
$183,300
$287,100
Average Solon Springs Assessed Value
$180,600
Average Bayfield County Assessed Value
$167,000
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Solon Springs, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54873 | $36,920 | $89,650 | $180,600 | $321,350 | $507,380 |
Source: Ownwell
Property Tax Bills Across Solon Springs, Wisconsin
Property tax bills in Solon Springs, located in Bayfield County, WI, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Solon Springs, the median home price is $180,600. Tax bills in this region can vary significantly. For example, the tax bill at the 25th percentile is $740, while at the 75th percentile, it rises to $2,652. At the 90th percentile, homeowners can expect to pay around $4,194. The median property tax bill in the area is $1,487, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Solon Springs Tax Bill
$1,487
Average Bayfield County Tax Bill
$1,916
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Solon Springs, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54873 | $303 | $740 | $1,487 | $2,652 | $4,194 |
Source: Ownwell