Springfield, Idaho Property Taxes
The median property tax rate in Springfield, Idaho is 0.50%, which is significantly lower than the national median of 0.99% and matches the Idaho state median of 0.50%. With the median home value in Springfield, the typical annual property tax bill is $591, well below the national median of $2,690. Property taxes in Springfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Springfield'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 Springfield 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
Springfield, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$576
Ownwell’s Springfield Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Springfield. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Springfield to provide an accurate 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 insights, localized information is available by scrolling down. Your property's assessed value is determined by the county for tax purposes and includes any applicable exemptions, ensuring you get the most precise estimate possible.
Property Tax Rates Across Springfield, Idaho
Property taxes in Springfield, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 0.50%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Springfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springfield 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 Springfield's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83277 has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Springfield provides valuable insights into the varying tax landscape across Bingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springfield Tax Rate
0.50%
Average Bingham County Tax Rate
0.49%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83277 | 0.40% | 0.42% | 0.50% | 0.84% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Idaho
In Springfield, Idaho, 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 Bingham 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. In Springfield, 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. Springfield's median home price is $115,155, with the highest median tax bill being $591 in the 83277 zip code. Being aware of these valuation processes in Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Springfield Assessed Value
$115,155
Average Bingham County Assessed Value
$255,122
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springfield, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83277 | $17,100 | $54,440 | $115,155 | $170,695 | $224,907 |
Source: Ownwell
Property Tax Bills Across Springfield, Idaho
In Springfield, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Various factors such as property size, location, and condition are considered during assessment. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Springfield, the median home price stands at $115,155. Property tax bills can vary significantly, with the 25th percentile at $211 and the 75th percentile at $837. At the higher end, the 90th percentile tax bill reaches up to $1,793. These figures indicate a wide range of property tax burdens, reflecting differences in property values and individual assessments. Comparatively, Springfield's property tax rates and bills are generally lower than the national median property tax rate of 0.99%, providing some financial relief to homeowners in the area. This lower tax burden can be a significant factor for residents when budgeting for homeownership expenses.
Average Springfield Tax Bill
$591
Average Bingham County Tax Bill
$1,085
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83277 | $101 | $211 | $591 | $837 | $1,793 |
Source: Ownwell