Benton, Arkansas Property Taxes
The median property tax rate in Benton, AR is 0.88%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $163,780 in Benton, the typical annual property tax bill amounts to $1,426, which is below the national median of $2,690. Property taxes in Benton are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as 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
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,441
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, 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 0.88%, 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 areas in Arkansas and the national median. For comparison, the zip code 72015 has the highest median property tax rate of 0.90%, while zip code 72022 has the lowest median tax rate of 0.72%. Understanding how these cities compare with Benton provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton Tax Rate
0.88%
Average Saline County Tax Rate
0.83%
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 | 0.68% | 0.80% | 0.90% | 0.98% | 1.13% |
| 72019 | 0.63% | 0.76% | 0.86% | 0.94% | 1.03% |
| 72022 | 0.69% | 0.71% | 0.72% | 0.72% | 0.73% |
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 Saline 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. For instance, the median home price in Benton is $163,780, with tax bills ranging from $794 at the 25th percentile to $2,893 at the 90th percentile. Notably, the highest median tax bill is in the 72022 zip code at $2,651, while the lowest is in the 72015 zip code at $1,246. 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.
Average Benton Assessed Value
$163,780
Average Saline County Assessed Value
$164,560
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 | $37,440 | $83,006 | $140,980 | $188,874 | $233,125 |
| 72019 | $50,442 | $121,270 | $197,848 | $295,825 | $397,459 |
| 72022 | $304,944 | $322,311 | $365,920 | $404,684 | $413,330 |
Source: Ownwell
Property Tax Bills Across Benton, Arkansas
In Benton, Saline County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $163,780, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $794, while at the 75th percentile, it rises to approximately $2,036. At the 90th percentile, it can reach up to $2,893. Several factors influence the final tax bill, including the home's market value, local tax rates, and any applicable exemptions. These taxes fund essential public services such as schools, infrastructure, and emergency services. Homeowners in Benton experience a range of tax bills, with the highest median tax bill in zip code 72022 at $2,651, and the lowest in zip code 72015 at $1,246. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Benton Tax Bill
$1,426
Average Saline County Tax Bill
$1,361
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 | $336 | $686 | $1,246 | $1,712 | $2,102 |
| 72019 | $386 | $946 | $1,666 | $2,553 | $3,554 |
| 72022 | $2,129 | $2,312 | $2,651 | $2,912 | $2,956 |
Source: Ownwell