I am a Spanish teacher, and this year I have the opportunity to teach/tutor two girls Spanish.  (They are home schooled).  I am going into my 5th year teaching and have a Master's in Spanish.

I know that different regions command very different prices, but I wanted to get a feel for what other teachers thought.  I am considering charging $40-45/hr. (especially considering I'm not just helping them with homework/reviewing, but creating lesson plans).  Anyone have experience with this??  I live in the south by the way.

I definitely think that's reasonable.  When I've tuturoed, $40 an hour was my pay.  

I live in the Philadelphia area, and I charge $50 an hour to tutor SAT prep reading, writing, and high school English. It doesn't sound like I have to write full plans like you do, so I think your rate sounds very fair.

I think it's definitely a good price. I charge $80 an hour in NY for regents prep, college essays and SAT prep.