Benton, Tennessee Property Taxes
The median property tax rate in Benton, TN is 0.69%, which is lower than the national median of 0.99% but slightly higher than the Tennessee state median of 0.64%. With a median home value of $25,600 in Benton, the typical annual property tax bill amounts to $176, 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 the city, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Benton, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
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, Tennessee
Property taxes in Benton, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benton is 0.69%, which is lower than both the Tennessee state median and 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 Tennessee and the national median. For comparison, the zip code 37307 has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Benton provides valuable insights into the varying tax landscape across Haywood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton Tax Rate
0.69%
Average Haywood County Tax Rate
1.06%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37307 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Benton, Tennessee
In Benton, Tennessee, 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 Haywood 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. 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 highest and lowest median tax bills in Benton are both $176.00, found in the 37307 zip code.
Average Benton Assessed Value
$25,600
Average Haywood County Assessed Value
$76,350
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37307 | $25,600 | $25,600 | $25,600 | $25,600 | $25,600 |
Source: Ownwell
Property Tax Bills Across Benton, Tennessee
In Benton, located in Haywood County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market trends influence the assessed value. For instance, the median home price in Benton is $25,600. The tax bill in Benton is relatively consistent, with the 25th, 75th, and 90th percentiles all at $176. This consistency reflects a stable property tax system in the area. Compared to the national median property tax rate of 0.99%, Benton’s tax bills are quite low, making homeownership more affordable. However, homeowners should still be aware of how changes in property values and local tax rates might affect their annual tax obligations. By understanding these factors, homeowners can better anticipate and manage their property tax expenses.
Average Benton Tax Bill
$176
Average Haywood County Tax Bill
$746
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37307 | $176 | $176 | $176 | $176 | $176 |
Source: Ownwell