Benton, Iowa Property Taxes
The median property tax rate in Benton, IA is 1.34%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Benton at $49,767, the typical annual property tax bill reaches $792, 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, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$667
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 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, Iowa
Property taxes in Benton, Iowa, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Benton is 1.25%, higher than both the Iowa state median of 1.56% 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 Iowa and the national median. For comparison, the 52249 zip code has the highest median property tax rate of 1.25%, while the 52249 zip code has the lowest median tax rate of 1.25%. Understanding how these cities compare with Benton provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton Tax Rate
1.34%
Average Ringgold County Tax Rate
1.44%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50835 | 0.70% | 1.20% | 1.34% | 1.61% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Benton, Iowa
In Benton, Iowa, 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 Benton 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. The zip code with the highest median tax bill is 50835 at $792.00, while the lowest is also 50835, reflecting the same value.
Average Benton Assessed Value
$49,767
Average Ringgold County Assessed Value
$101,674
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50835 | $3,180 | $10,694 | $49,767 | $97,667 | $139,212 |
Source: Ownwell
Property Tax Bills Across Benton, Iowa
In Benton, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value typically reflects the market value but may be adjusted based on specific local regulations. Homeowners in Benton can expect their property tax bill to vary significantly depending on the value of their property and the local tax rate. For instance, the 25th percentile tax bill is approximately $378, while the 75th percentile tax bill reaches around $1575. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Comparatively, Benton’s property tax bills can be seen as moderate when juxtaposed with the national median property tax rate of 0.99%. This variability in tax bills significantly affects homeowners, as it influences their annual financial planning and overall housing affordability. Understanding these factors can help homeowners better anticipate their tax liabilities and manage their expenses more effectively.
Average Benton Tax Bill
$792
Average Ringgold County Tax Bill
$1,488
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50835 | $40 | $378 | $792 | $1,575 | $2,020 |
Source: Ownwell