Benton County Property Taxes
The median property tax rate in Benton County is 1.92%, which is significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Benton County, the typical annual property tax bill reaches $264, which is notably lower than the national median of $2,690. Property taxes in Benton County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Benton County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in a city like Ashland or another part of Benton County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Benton County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$411
Ownwell’s Benton County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benton County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Benton County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property's assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Benton County, Mississippi
Property taxes in Benton County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Benton County is 1.92%, which is significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Benton County set these rates annually, and they can vary significantly between different areas within the county. Each year, Benton County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Benton County's effective property tax rate with other counties in Mississippi and the national median. For comparison, the city of Myrtle has one of the higher property tax rates in Mississippi at 1.97%, while the city of Ripley boasts one of the lowest at 1.07%. Analyzing how Benton County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Benton County Tax Rate
1.92%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ashland | 0.87% | 1.16% | 1.94% | 2.10% | 2.10% |
| Blue Mountain | 0.87% | 1.00% | 1.93% | 1.97% | 2.01% |
| Bluff | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% |
| Canaan | N/A | N/A | N/A | N/A | N/A |
| Falkner | 0.90% | 1.65% | 1.93% | 1.97% | 1.99% |
| Hickory Flat | 0.83% | 1.04% | 1.92% | 1.97% | 2.14% |
| Holly Springs | N/A | N/A | N/A | N/A | N/A |
| Lamar | 0.84% | 1.00% | 1.92% | 1.93% | 1.98% |
| Michigan City | 0.87% | 1.14% | 1.92% | 1.94% | 1.98% |
| Myrtle | 0.88% | 1.92% | 1.97% | 1.97% | 1.98% |
| Potts Camp | 0.87% | 1.02% | 1.92% | 1.94% | 2.00% |
| Ripley | 0.50% | 0.87% | 1.07% | 1.92% | 2.00% |
| Walnut | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Benton County, Mississippi
In Benton County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Benton County Appraisal District. The assessed value, however, 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. Assessment notices in Benton County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Bluff has the highest median tax bill at $1,293, while Falkner has the lowest at $154. Being aware of these valuation processes in Benton County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Benton County, Mississippi
Source: Ownwell
$14,120
$40,700
$67,280
Average Benton County Assessed Value
$21,390
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ashland | $1,310 | $2,860 | $19,250 | $50,185 | $89,470 |
| Blue Mountain | $2,178 | $8,180 | $25,460 | $53,830 | $84,570 |
| Bluff | $67,280 | $67,280 | $67,280 | $67,280 | $67,280 |
| Canaan | N/A | N/A | N/A | N/A | N/A |
| Falkner | $1,050 | $3,780 | $14,120 | $43,170 | $88,310 |
| Hickory Flat | $1,527 | $6,925 | $28,565 | $61,450 | $94,016 |
| Holly Springs | N/A | N/A | N/A | N/A | N/A |
| Lamar | $1,414 | $6,150 | $28,190 | $56,260 | $91,038 |
| Michigan City | $1,243 | $6,075 | $30,440 | $60,445 | $107,444 |
| Myrtle | $1,416 | $6,605 | $23,545 | $36,880 | $95,408 |
| Potts Camp | $2,004 | $7,520 | $26,070 | $56,260 | $85,068 |
| Ripley | $1,524 | $4,160 | $25,235 | $70,450 | $107,034 |
| Walnut | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Benton County, Mississippi
In Benton County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is a percentage of the market value of the property. Homeowners can expect tax bills to vary significantly, influenced by factors such as property size, location, and market trends. For instance, the 25th percentile of tax bills in Benton County is $58, while the 75th percentile reaches $650. At the higher end, the 90th percentile of tax bills goes up to $1304. Comparatively, the median home price in Benton County is $21,390, which is considerably lower than national averages. This lower home value contributes to generally lower property tax bills. However, the impact on homeowners can still be substantial, especially for those in cities like Bluff, where the highest median tax bill is $1293. Meanwhile, Falkner offers some relief with the lowest median tax bill at $154. Understanding these factors helps homeowners anticipate and manage their property tax responsibilities.
Average Benton County Tax Bill
$264
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ashland | $23 | $47 | $246 | $632 | $1,321 |
| Blue Mountain | $38 | $103 | $286 | $562 | $1,356 |
| Bluff | $1,293 | $1,293 | $1,293 | $1,293 | $1,293 |
| Canaan | N/A | N/A | N/A | N/A | N/A |
| Falkner | $11 | $62 | $154 | $459 | $1,082 |
| Hickory Flat | $22 | $102 | $349 | $712 | $1,357 |
| Holly Springs | N/A | N/A | N/A | N/A | N/A |
| Lamar | $16 | $79 | $300 | $708 | $1,357 |
| Michigan City | $20 | $80 | $340 | $838 | $1,600 |
| Myrtle | $39 | $132 | $312 | $621 | $1,149 |
| Potts Camp | $29 | $77 | $266 | $644 | $1,143 |
| Ripley | $14 | $71 | $193 | $655 | $918 |
| Walnut | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
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