Benton, Arkansas Property Taxes
The median property tax rate in Benton, AR is 0.91%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $113,550 in Benton, the typical annual property tax bill amounts to $950, which is significantly lower than the national median of $2,690. Property taxes in Benton are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. 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, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Benton, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,033
$959
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, Arkansas
Property taxes in Benton, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benton is 0.91%, slightly 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 areas in Arkansas and the national median. For comparison, the 72015 zip code has the highest median property tax rate of 0.91%, while the 72019 zip code has the lowest median tax rate of 0.82%. Understanding how these areas compare with Benton provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton Tax Rate
0.91%
Average Grant County Tax Rate
0.85%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72015 | 0.66% | 0.82% | 0.91% | 1.00% | 1.00% |
| 72019 | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Benton, Arkansas
In Benton, Arkansas, 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 Grant 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. Notably, the highest median tax bill in the area is $1066 in zip code 72019, while the lowest is $931 in zip code 72015.
Average Benton Assessed Value
$113,550
Average Grant County Assessed Value
$100,075
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72015 | $23,560 | $54,675 | $112,400 | $160,888 | $239,445 |
| 72019 | $130,600 | $130,600 | $130,600 | $130,600 | $130,600 |
Source: Ownwell
Property Tax Bills Across Benton, Arkansas
Property tax bills in Benton, located in Grant County, AR, are calculated based on the assessed value of a property, which is typically a percentage of its market value. In Benton, the median home price is $113,550. The tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including property location, home value, and local tax rates. For instance, in Benton, the 25th percentile tax bill is $491, while the 75th percentile tax bill is $1,374, indicating a range of tax amounts that homeowners might expect. The highest median tax bill in the area is $1,066 in the 72019 zip code, contrasting with the lowest median tax bill of $931 in the 72015 zip code. These variations significantly impact homeowners, influencing their annual financial planning and potentially affecting property affordability. Compared to the national median property tax rate of 0.99%, Benton offers relatively moderate property tax rates, which can be a relief for many homeowners in the region.
Average Benton Tax Bill
$950
Average Grant County Tax Bill
$770
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72015 | $225 | $490 | $931 | $1,380 | $2,205 |
| 72019 | $1,066 | $1,066 | $1,066 | $1,066 | $1,066 |
Source: Ownwell