Benton, Missouri Property Taxes
The median property tax rate in Benton, MO is 0.83%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $75,180 in Benton, the typical annual property tax bill amounts to $637, significantly below the national median of $2,690. Property taxes in Benton are calculated based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Benton's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Benton or another part of the city, gaining insights into the local property tax system is crucial for maximizing financial benefits.
Last Updated June 14, 2024
Benton, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Benton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benton 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 Benton, Missouri
Property taxes in Benton, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benton is 0.83%, 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 Missouri and the national median. For comparison, the zip code 63736 has both the highest and lowest median property tax rate in the region at 0.83%. Understanding how these areas compare with Benton provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton Tax Rate
0.83%
Average Scott County Tax Rate
0.92%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63736 | 0.77% | 0.78% | 0.83% | 0.88% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Benton, Missouri
In Benton, Missouri, 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 Scott County Assessor 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. Being aware of these valuation processes in Benton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Benton is $75,180, with tax bills ranging from $374 at the 25th percentile to $1,737 at the 90th percentile. The highest and lowest median tax bills, both at $637, are found in the zip code 63736.
Average Benton Assessed Value
$75,180
Average Scott County Assessed Value
$61,900
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63736 | $25,120 | $45,175 | $75,180 | $120,890 | $215,990 |
Source: Ownwell
Property Tax Bills Across Benton, Missouri
In Benton, located in Scott County, MO, property tax bills are determined through a combination of assessed property values and the local tax rate. The assessed value of a home is typically a percentage of its market value, and this figure is then multiplied by the local tax rate to calculate the annual tax bill. For example, with the median home price at $75,180, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property improvements, location, and market trends can influence the assessed value. In Benton, the tax bill at the 25th percentile is around $374, while at the 75th percentile, it reaches approximately $1,010. For homeowners in the 90th percentile, tax bills can be as high as $1,737. These figures highlight the range of possible tax obligations and underscore the importance of understanding how local assessments and rates impact annual costs. Compared to the national median property tax rate of 0.99%, Benton’s tax rates provide a competitive landscape for homeowners.
Average Benton Tax Bill
$637
Average Scott County Tax Bill
$598
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63736 | $209 | $374 | $637 | $1,010 | $1,737 |
Source: Ownwell