Benton, Maine Property Taxes
The median property tax rate in Benton, ME is 1.29%, considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Benton, the typical annual property tax bill reaches $1,818, which is 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, Maine Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,140
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, Maine
Property taxes in Benton, Maine, 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 1.09%, higher than both the Maine state median of 1.09% 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 Maine and the national median. For comparison, the 04901 zip code has the highest median property tax rate of 1.09%, while the 04901 zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Benton provides valuable insights into the varying tax landscape across Kennebec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton Tax Rate
1.29%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04901 | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Benton, Maine
In Benton, Maine, 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 Kennebec 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 and lowest median tax bills in Benton are both $1,818, found in the 04901 zip code.
Average Benton Assessed Value
$140,900
Average Kennebec County Assessed Value
$154,165
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04901 | $51,806 | $100,500 | $140,900 | $189,640 | $241,116 |
Source: Ownwell
Property Tax Bills Across Benton, Maine
In Benton, located in Kennebec County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor and reflects the market value of the home. Benton homeowners see a range of tax bills, with the 25th percentile at $1,296 and the 75th percentile reaching $2,446. For those in the 90th percentile, tax bills can go up to $3,114. These figures illustrate how property values and local tax rates combine to impact the financial obligations of homeowners. Benton’s median home price stands at $140,900, and the tax rate applied to this value determines the final tax bill. Comparatively, the highest and lowest median tax bills in the area are both $1,818 in the 04901 zip code, which suggests a level of consistency in property tax assessments within this region. This system ensures that property taxes are proportionate to the property's value, although it can significantly affect household budgets.
Average Benton Tax Bill
$1,818
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04901 | $668 | $1,296 | $1,818 | $2,446 | $3,114 |
Source: Ownwell