Benton, Illinois Property Taxes
The median property tax rate in Benton, IL is 2.66%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Benton, the typical annual property tax bill reaches $1,800, exceeding 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, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$1,612
$1,495
Ownwell’s Benton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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 valuable tool helps you understand potential tax liabilities. For those 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, Illinois
Property taxes in Benton, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benton is 2.66%, significantly higher than both the Illinois 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 Illinois and the national median. For comparison, the 62812 zip code has both the highest and lowest median property tax rate of 2.66%. Understanding how these cities compare with Benton provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton Tax Rate
2.66%
Average Franklin County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62812 | 1.19% | 1.99% | 2.66% | 3.25% | 3.34% |
Source: Ownwell
Property Tax Assessment Values Across Benton, Illinois
In Benton, Illinois, 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 Franklin 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 median tax bill in the area is $1,800 in the 62812 zip code, while the lowest is also $1,800 in the same zip code.
Average Benton Assessed Value
$60,585
Average Franklin County Assessed Value
$55,530
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62812 | $7,392 | $28,320 | $60,585 | $114,915 | $181,026 |
Source: Ownwell
Property Tax Bills Across Benton, Illinois
In Benton, located in Franklin County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the home's market value, assessment ratio, and local tax rates set by various taxing authorities such as schools, municipalities, and special districts. For homeowners in Benton, the median home price stands at $60,585. The tax bill can vary significantly, with the 25th percentile at $897 and the 75th percentile reaching $3,049. The 90th percentile tax bill can go up to $4,797. This variation highlights the impact of property value and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, homeowners in Benton may experience different financial impacts based on their specific property assessments and local tax rates.
Average Benton Tax Bill
$1,800
Average Franklin County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62812 | $369 | $897 | $1,800 | $3,049 | $4,797 |
Source: Ownwell