Springfield, Ohio Property Taxes
The median property tax rate in Springfield, OH is 2.29%, significantly higher than both the national median of 0.99% and Ohio’s state median of 1.80%. With the median home value in Springfield at $67,260, the typical annual property tax bill reaches $1,537, surpassing 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, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
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, Ohio
Property taxes in Springfield, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 1.28%, higher than both the Ohio state median of 1.52% 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 Ohio and the national median. For comparison, the 45505 zip code has the highest median property tax rate of 1.28%, while the 45505 zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Springfield provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springfield Tax Rate
2.29%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45505 | 2.29% | 2.29% | 2.29% | 2.29% | 2.29% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Ohio
In Springfield, Ohio, 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 Montgomery 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. Notably, the highest and lowest median tax bills in Springfield are both $1,537, found in the 45505 zip code.
Average Springfield Assessed Value
$67,260
Average Montgomery County Assessed Value
$98,910
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45505 | $67,260 | $67,260 | $67,260 | $67,260 | $67,260 |
Source: Ownwell
Property Tax Bills Across Springfield, Ohio
In Springfield, Ohio, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, the median home price in Springfield is $67,260, and the property tax rate in Montgomery County is applied accordingly. Factors such as property location, home improvements, and local levies can influence the assessed value and, consequently, the tax bill. Homeowners in Springfield can expect a consistent property tax bill, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $1,537. This figure is significantly higher than the national median property tax rate of 0.99%, reflecting the local tax policies and assessments. Understanding how these elements interplay helps homeowners anticipate their annual financial obligations and plan accordingly. Accurate assessments ensure that property taxes are fairly distributed, supporting local services and infrastructure.
Average Springfield Tax Bill
$1,537
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45505 | $1,537 | $1,537 | $1,537 | $1,537 | $1,537 |
Source: Ownwell