Springfield, Marion County, Kentucky Property Taxes
The median property tax rate in Springfield, KY is 0.68%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Springfield at $170,000, the typical annual property tax bill is $1,166, falling below the national median of $2,690. Property taxes in Springfield are based on the tax assessed value, which is often lower than the market value due to various exemptions, such as 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, Marion County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,156
$1,073
Ownwell’s Springfield Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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, Marion County, Kentucky
Property taxes in Springfield, Kentucky, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 0.68%, 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 Kentucky and the national median. For comparison, the 40069 zip code has both the highest and the lowest median property tax rate of 0.68%. Understanding how these cities compare with Springfield provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springfield Tax Rate
0.68%
Average Marion County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Marion County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40069 | 0.35% | 0.53% | 0.68% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Marion County, 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 Marion 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 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. Being aware of these valuation processes in Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 40069, with an annual tax bill of $1,166, which is also the lowest in the area.
Property Tax Assessment Values Across Springfield, Marion County, Kentucky
Source: Ownwell
$75,000
$122,500
$170,000
Average Springfield Assessed Value
$170,000
Average Marion County Assessed Value
$120,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springfield, Marion County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40069 | $110,000 | $130,000 | $170,000 | $240,000 | $442,000 |
Source: Ownwell
Property Tax Bills Across Springfield, Marion County, Kentucky
In Springfield, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The property tax rate in Springfield is influenced by various factors, including local government budgets, school funding needs, and public services. Homeowners in Springfield can expect their tax bills to vary significantly, with the 25th percentile tax bill at $841 and the 75th percentile reaching $1,991. The median home price in Springfield is $170,000, which plays a crucial role in determining the tax bill. For instance, a home assessed at this median value would have a tax bill aligned with the local rates. It's important to note that Springfield's property tax rates can differ from the national median property tax rate of 0.99%. For homeowners, these tax bills can impact monthly budgets and long-term financial planning. Understanding how these taxes are calculated can help homeowners better anticipate their annual expenses and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Springfield Tax Bill
$1,166
Average Marion County Tax Bill
$852
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Marion County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40069 | $594 | $841 | $1,166 | $1,991 | $2,247 |
Source: Ownwell