Benton, Mississippi Property Taxes
The median property tax rate in Benton, MS is 0.90%, slightly lower than the national median of 0.99% and significantly below the Mississippi state median of 1.31%. With a median home value of $28,115 in Benton, the typical annual property tax bill is around $252, which is much less than the national median of $2,690. Property taxes in Benton are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Benton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Benton or another part of the county, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Benton, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$253
$235
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, Mississippi
Property taxes in Benton, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benton is 0.63%, significantly lower than both the Mississippi state median of 0.81% 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 Mississippi and the national median. For comparison, the 38603 zip code has the highest median property tax rate of 0.81%, while the 38603 zip code also has the lowest median tax rate of 0.81%. 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
0.90%
Average Holmes County Tax Rate
1.81%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39039 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Benton, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Benton, Mississippi. 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 Holmes 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 are both $252, found in zip code 39039.
Average Benton Assessed Value
$28,115
Average Holmes County Assessed Value
$35,335
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39039 | $28,115 | $28,115 | $28,115 | $28,115 | $28,115 |
Source: Ownwell
Property Tax Bills Across Benton, Mississippi
Property tax bills in Benton, located in Holmes County, MS, are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is a percentage of the property's market value. In Benton, the median home price is $28,115. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, location, and market trends can influence the assessed value. For homeowners in Benton, the property tax bill typically falls within a narrow range. The 25th, 75th, and 90th percentiles all report a tax bill of $252, indicating a consistent property tax rate across different property values. This uniformity provides predictability for homeowners, making it easier to budget for annual expenses. Compared to the national median property tax rate of 0.99%, Benton's tax bills are relatively modest, reflecting the lower property values in the area. This can be advantageous for homeowners looking to manage their housing costs effectively.
Average Benton Tax Bill
$252
Average Holmes County Tax Bill
$549
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39039 | $252 | $252 | $252 | $252 | $252 |
Source: Ownwell