Mr Bennett has been a councillor for 13 years and has served as deputy town mayor.
He said: “I would like to thank everyone and say that it has been an honour to serve.
“Looking back, the diversity of issues I’ve dealt with is amazing and I hope that I have somehow helped to make a difference when needed.”
Mr Bennett, who lives in Framfield Road, is a keen supporter of the BML2 project. At one time he ran a music shop in the upper High Street.