Springfield, Kentucky Property Taxes
The median property tax rate in Springfield, KY, is 1.12%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Springfield at $149,200, the typical annual property tax bill amounts to $1,642, exceeding 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 exemptions such as those for primary residences and agricultural properties. 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, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Springfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springfield 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 Springfield, Kentucky
Property taxes in Springfield, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 1.12%, higher than both the Kentucky 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 Kentucky and the national median. For comparison, the 40069 zip code has both the highest and lowest median property tax rate of 1.12%. Understanding how these cities compare with Springfield provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springfield Tax Rate
1.12%
Average Nelson County Tax Rate
1.06%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40069 | 0.72% | 1.10% | 1.12% | 1.12% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Kentucky
In Springfield, Kentucky, 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 local 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 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. For example, the median home price in Springfield is $149,200, and the median tax bill is around $1,642, with the highest and lowest median tax bills both being $1,642 in the 40069 zip code. 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 Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Springfield Assessed Value
$149,200
Average Nelson County Assessed Value
$145,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40069 | $132,758 | $145,220 | $149,200 | $207,770 | $298,388 |
Source: Ownwell
Property Tax Bills Across Springfield, Kentucky
In Springfield, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value typically reflects a percentage of the property's market value. For Springfield, the median home price is $149,200. Property taxes are then applied to this assessed value using the local tax rate. Several factors influence the final tax bill, including property characteristics, improvements, and local tax levies. For instance, the 25th percentile tax bill in the region is $1,629, while the 75th percentile tax bill is $1,672. At the 90th percentile, homeowners may see tax bills as high as $2,046. These property tax bills impact homeowners by contributing to local public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Springfield's property taxes can vary but generally align with the value and services provided by the community.
Average Springfield Tax Bill
$1,642
Average Nelson County Tax Bill
$1,138
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40069 | $1,497 | $1,629 | $1,642 | $1,672 | $2,046 |
Source: Ownwell