Benton, Kentucky Property Taxes
The median property tax rate in Benton, KY is 0.70%, 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 Benton at $85,000, the typical annual property tax bill is approximately $503, significantly below the national median of $2,690. Property taxes in Benton 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 Benton’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 Benton or another part of Graves County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Benton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$595
Ownwell’s Benton Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Benton. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Benton to provide an accurate estimate of your property tax bill. This helpful tool allows you to understand potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Benton, Kentucky
Property taxes in Benton, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benton is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Benton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benton 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 Benton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42025 zip code has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these areas compare with Benton provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton Tax Rate
0.70%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42025 | 0.21% | 0.41% | 0.70% | 0.83% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Benton, Kentucky
In Benton, 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 Graves 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 Benton, 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. Benton homeowners should note that the highest median tax bill is $503 in the 42025 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Benton Assessed Value
$85,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42025 | $5,200 | $30,000 | $85,000 | $148,500 | $279,600 |
Source: Ownwell
Property Tax Bills Across Benton, Kentucky
In Benton, KY, property tax bills are calculated based on the assessed value of your home. The median home price in Benton is $85,000, which serves as a benchmark for determining tax obligations. The property tax rate is applied to this assessed value to calculate the annual tax bill. For instance, homeowners in Benton experience a wide range of tax bills, with the 25th percentile at $90 and the 75th percentile at $767. Those in the 90th percentile can see tax bills as high as $1,317. Factors influencing these tax bills include the market value of the property, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Benton homeowners may find their tax rates relatively manageable. However, fluctuations in property values and local tax policies can significantly impact individual tax bills. Understanding these factors is crucial for homeowners to anticipate their annual tax obligations and budget accordingly.
Average Benton Tax Bill
$503
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42025 | $40 | $90 | $503 | $767 | $1,317 |
Source: Ownwell