Springfield, Kentucky Property Taxes
The median property tax rate in Springfield, KY is 1.00%, slightly higher than the national median of 0.99% but lower than the Kentucky state median of 1.02%. With the median home value in Springfield at $135,000, the typical annual property tax bill is $995, which is 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, 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
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,350
Ownwell’s Springfield Property Tax Bill Calculator aids 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, Kentucky
Property taxes in Springfield, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 1.00%, higher 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 lowest median property tax rate of 1.00%. Understanding how these cities compare with Springfield provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springfield Tax Rate
1.00%
Average Washington County Tax Rate
0.86%
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 | 0.22% | 0.51% | 1.00% | 1.02% | 1.06% |
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 Washington 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 highest median tax bill in the area is $995.00 in the 40069 zip code, while the lowest median tax bill is also $995.00 in the same zip code.
Average Springfield Assessed Value
$135,000
Average Washington County Assessed Value
$130,000
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 | $41,000 | $82,000 | $135,000 | $225,000 | $386,500 |
Source: Ownwell
Property Tax Bills Across Springfield, Kentucky
In Springfield, KY, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Springfield is $135,000. Homeowners in Washington County can expect their property tax bills to vary significantly; the 25th percentile tax bill is around $519, while the 75th percentile reaches $1,568. At the 90th percentile, tax bills can soar to $2,255. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements and market conditions can influence the assessed value. The impact on homeowners is substantial, as property taxes contribute to local services like schools, infrastructure, and emergency services. While Springfield's tax rates can be a burden for some, they are essential for maintaining community services. Comparing to the national median property tax rate of 0.99%, Springfield's rates are relatively moderate, but individual bills can vary widely based on property values.
Average Springfield Tax Bill
$995
Average Washington County Tax Bill
$877
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 | $199 | $519 | $995 | $1,568 | $2,255 |
Source: Ownwell