Benton, Arkansas Property Taxes
The median property tax rate in Benton, AR is 0.66%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Benton at $37,388, the typical annual property tax bill reaches $140, significantly below the national median of $2,690. Property taxes in Benton are calculated based on the tax assessed value, which typically falls below 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 significant annual savings. Whether you're in the heart of Benton or another part of the city, understanding 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
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
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 0.52%, significantly lower than both the Arkansas state median of 0.61% 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 Arkansas and the national median. For comparison, the highest median property tax rate in the region is 0.52%, while the lowest median tax rate is also 0.52%. Understanding how these cities compare with Benton provides valuable insights into the varying tax landscape across Hot Spring County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton Tax Rate
0.66%
Average Hot Spring County Tax Rate
0.79%
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 |
|---|---|---|---|---|---|
| 72019 | 0.43% | 0.51% | 0.66% | 0.80% | 0.89% |
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 local 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 median tax bill in the area is $140 in zip code 72019, while the lowest median tax bill is also $140 in the same zip code.
Average Benton Assessed Value
$37,388
Average Hot Spring County Assessed Value
$64,425
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 |
|---|---|---|---|---|---|
| 72019 | $7,878 | $18,944 | $37,388 | $55,831 | $66,898 |
Source: Ownwell
Property Tax Bills Across Benton, Arkansas
Property tax bills in Benton, located in Hot Spring County, AR, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Benton, homeowners can expect a median property tax bill of $140, which is significantly lower than the national median property tax rate of 0.99%. For instance, properties in the 25th percentile have tax bills around $73, while those in the 75th percentile see tax bills up to $208. The highest tax bills, in the 90th percentile, reach approximately $249. These relatively low property tax bills can make homeownership more affordable and attractive in Benton compared to other regions. Homeowners benefit from a reduced financial burden, allowing them to allocate resources to other needs or investments.
Average Benton Tax Bill
$140
Average Hot Spring County Tax Bill
$477
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 |
|---|---|---|---|---|---|
| 72019 | $32 | $73 | $140 | $208 | $249 |
Source: Ownwell