Benjamin, Texas Property Taxes
The median property tax rate in Benjamin, TX is 2.77%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Benjamin at $32,375, the typical annual property tax bill reaches $864, which is below the national median of $2,690. Property taxes in Benjamin 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 Benjamin'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 Benjamin 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
Benjamin, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Benjamin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benjamin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benjamin 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 Benjamin, Texas
Property taxes in Benjamin, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benjamin is 2.77%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Benjamin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benjamin 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 Benjamin's effective property tax rate to other counties in Texas and the national median. For comparison, the 79505 zip code has the highest median property tax rate of 2.77%, while the same zip code also has the lowest median tax rate of 2.77%. Understanding how these cities compare with Benjamin provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benjamin Tax Rate
2.77%
Average Knox County Tax Rate
2.74%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benjamin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79505 | 2.08% | 2.77% | 2.77% | 2.77% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Benjamin, Texas
In Benjamin, Texas, 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 Knox 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 Benjamin, 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. The median home price in Benjamin is $32,375, with tax bills ranging from $365 at the 25th percentile to $1,806 at the 90th percentile. The highest and lowest median tax bills are both $864, found in the 79505 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 Benjamin Assessed Value
$32,375
Average Knox County Assessed Value
$31,450
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benjamin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79505 | $2,995 | $13,200 | $32,375 | $56,715 | $70,147 |
Source: Ownwell
Property Tax Bills Across Benjamin, Texas
In Benjamin, located in Knox County, TX, property tax bills are determined by assessing the value of a homeowner's property and applying the local tax rate. The assessed value is based on the market value of the property, which in Benjamin is relatively low with a median home price of $32,375. Tax rates in this area can significantly impact the final tax bill. For instance, homeowners in the 25th percentile of tax bills pay around $365, while those in the 75th percentile pay approximately $1,389. Those in the 90th percentile face tax bills as high as $1,806. These tax bills are calculated by multiplying the assessed property value by the local tax rate, which is influenced by various factors, including local government budgets and public service funding needs. Given that the national median property tax rate is 0.99%, homeowners in Benjamin benefit from relatively lower property tax bills, making it more affordable compared to higher-tax regions. This affordability can be a significant factor for homeowners when budgeting for annual expenses.
Average Benjamin Tax Bill
$864
Average Knox County Tax Bill
$916
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Benjamin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79505 | $83 | $365 | $864 | $1,389 | $1,806 |
Source: Ownwell