Benton, Tennessee Property Taxes
The median property tax rate in Benton, TN is 0.63%, slightly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $61,800 in Benton, the typical annual property tax bill amounts to $392, significantly below the national median of $2,690. Property taxes in Benton are calculated based on the assessed value, which generally falls below the market value due to various exemptions, such as 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, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$389
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, Tennessee
Property taxes in Benton, Tennessee, 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 0.69%, which is lower than both the Tennessee state median of 0.71% 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 Tennessee and the national median. For comparison, the 38320 zip code has the highest median property tax rate of 0.69%, while the 38320 zip code also has the lowest median tax rate of 0.69%. 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
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37307 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Benton, Tennessee
In Benton, Tennessee, 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 Polk 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. 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 is $392.00, found in the 37307 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 Assessed Value
$61,800
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37307 | $13,800 | $27,100 | $61,800 | $115,050 | $182,740 |
Source: Ownwell
Property Tax Bills Across Benton, Tennessee
In Benton, located in Polk County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For homeowners in Benton, the median home price stands at $61,800. To determine the tax bill, the assessed value is multiplied by the local tax rate. The tax rate in Benton is relatively low compared to the national median property tax rate of 0.99%. Consequently, homeowners in Benton can expect to pay property taxes that vary significantly based on their property's value. For instance, tax bills in the 25th percentile are around $173, while those in the 75th percentile reach up to $726. The highest tax bills, in the 90th percentile, can go up to $1,149. These property tax bills directly impact homeowners by contributing to the funding of local services such as schools, public safety, and infrastructure. Lower property taxes can make homeownership more affordable, which is a significant consideration for residents and potential buyers in Benton.
Average Benton Tax Bill
$392
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Benton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37307 | $87 | $173 | $392 | $726 | $1,149 |
Source: Ownwell