Benton City, Missouri Property Taxes
The median property tax rate in Benton City, MO is 1.37%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Benton City, the typical annual property tax bill reaches $307, which is significantly lower than the national median of $2,690. Property taxes in Benton City 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 City'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 City 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 City, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$308
Ownwell’s Benton City Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Benton City with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Benton City to provide an estimate of 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 City, Missouri
Property taxes in Benton City, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benton City is 1.37%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Benton City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benton City 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 City's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65232 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Benton City provides valuable insights into the varying tax landscape across Audrain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benton City Tax Rate
1.37%
Average Audrain County Tax Rate
1.20%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65232 | 1.20% | 1.37% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Benton City, Missouri
In Benton City, Missouri, 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 Audrain 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 City, 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. For instance, the highest median tax bill in Benton City is $307 in the 65232 zip code, while the lowest median tax bill is also $307 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Benton City Assessed Value
$22,460
Average Audrain County Assessed Value
$51,626
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65232 | $5,010 | $9,210 | $22,460 | $54,475 | $67,200 |
Source: Ownwell
Property Tax Bills Across Benton City, Missouri
Property tax bills in Benton City, located in Audrain County, Missouri, are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and is a percentage of the property's market value. Once the assessed value is established, the tax rate, set by local taxing authorities, is applied to calculate the annual property tax bill. Several factors influence the property tax bill, including the property's location, size, and condition. In Benton City, the median home price is $22,460. Homeowners in the 25th percentile can expect a tax bill around $126, while those in the 75th percentile may see bills closer to $745. The 90th percentile tax bill reaches approximately $919. Comparatively, the highest and lowest median tax bills in the area are both $307, indicating a relatively uniform tax rate within the region. These tax bills directly impact homeowners by influencing their overall housing costs. Understanding how these bills are calculated can help homeowners plan their finances more effectively and potentially identify opportunities for appeals or exemptions.
Average Benton City Tax Bill
$307
Average Audrain County Tax Bill
$587
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65232 | $68 | $126 | $307 | $745 | $919 |
Source: Ownwell