Benson, North Carolina Property Taxes
The median property tax rate in Benson, NC is 0.79%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $167,440 in Benson, the typical annual property tax bill is $1,365, significantly below the national median of $2,690. Property taxes in Benson are calculated based on the tax assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Benson'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 Benson 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
Benson, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,323
$1,227
Ownwell’s Benson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benson 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 Benson, North Carolina
Property taxes in Benson, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benson is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Benson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benson 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 Benson's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27504 has the highest median property tax rate of 0.79%, while the lowest median tax rate is also 0.79%. Understanding how these areas compare with Benson provides valuable insights into the varying tax landscape across Johnston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benson Tax Rate
0.79%
Average Johnston County Tax Rate
0.81%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benson, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27504 | 0.78% | 0.78% | 0.79% | 0.81% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Benson, North Carolina
In Benson, North Carolina, 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 Johnston 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 Benson, 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 Benson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Benson is $167,440, with the highest median tax bill recorded at $1,365 in the 27504 zip code.
Average Benson Assessed Value
$167,440
Average Johnston County Assessed Value
$190,250
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benson, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27504 | $75,340 | $113,550 | $167,440 | $232,940 | $312,130 |
Source: Ownwell
Property Tax Bills Across Benson, North Carolina
Property tax bills in Benson, located in Johnston County, NC, are calculated based on the assessed value of a property, which is determined by local government assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $167,440, homeowners in Benson can expect a tax bill that varies significantly. At the 25th percentile, the tax bill is approximately $925, while at the 75th percentile, it rises to around $1947. For those at the 90th percentile, the tax bill can reach up to $2586. These figures highlight the range of property tax obligations depending on the assessed value of the property. Compared to the national median property tax rate of 0.99%, Benson’s figures reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly, ensuring they are prepared for their property tax obligations.
Average Benson Tax Bill
$1,365
Average Johnston County Tax Bill
$1,676
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Benson, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27504 | $597 | $925 | $1,365 | $1,947 | $2,586 |
Source: Ownwell