Springfield, Tennessee Property Taxes
The median property tax rate in Springfield, TN is 0.91%, which is slightly below the national median of 0.99% but significantly higher than the Tennessee state median of 0.64%. With the median home value in Springfield at $155,600, the typical annual property tax bill amounts to $1,262, which is lower than 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 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 substantial annual savings. Whether you're in the heart of Springfield or another part of the city, getting to know the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Springfield, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,416
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, Tennessee
Property taxes in Springfield, Tennessee, 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 0.91%, which is lower than 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 Tennessee and the national median. For comparison, the 37172 zip code has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Springfield provides valuable insights into the varying tax landscape across Robertson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springfield Tax Rate
0.91%
Average Robertson County Tax Rate
0.64%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37172 | 0.64% | 0.64% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Tennessee
In Springfield, Tennessee, 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 Robertson 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. 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 Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Springfield's median home price stands at $155,600, with the highest and lowest median tax bills both at $1,262 in the 37172 zip code.
Average Springfield Assessed Value
$155,600
Average Robertson County Assessed Value
$178,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37172 | $66,400 | $105,850 | $155,600 | $230,750 | $327,940 |
Source: Ownwell
Property Tax Bills Across Springfield, Tennessee
In Springfield, located within Robertson County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county assessor. For homeowners, this means that higher market values will result in higher assessed values and, consequently, higher property tax bills. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, the median home price in Springfield is $155,600, leading to varying tax bills across different percentiles. At the 25th percentile, homeowners might pay around $846, while those at the 75th percentile could see bills closer to $1,787. The highest tax bills, at the 90th percentile, reach up to $2,351. Comparatively, Springfield's property tax rate aligns closely with the national median property tax rate of 0.99%, making it a significant consideration for current and prospective homeowners in the area. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Springfield Tax Bill
$1,262
Average Robertson County Tax Bill
$1,400
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37172 | $558 | $846 | $1,262 | $1,787 | $2,351 |
Source: Ownwell