Buffalo, Kentucky Property Taxes
The median property tax rate in Buffalo, KY is 1.01%, slightly higher than the national median of 0.99%, but just below the Kentucky state median of 1.02%. With a median home value of $87,450 in Buffalo, the typical annual property tax bill is $673, which is significantly lower than the national median of $2,690. Property taxes in Buffalo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Buffalo'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 Buffalo or another part of Larue County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Buffalo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo 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 Buffalo, Kentucky
Property taxes in Buffalo, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Buffalo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo 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. Understanding how Buffalo's effective property tax rate compares with other areas provides valuable insights into the varying tax landscape across Larue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
1.01%
Average Larue County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42716 | 0.32% | 0.60% | 1.01% | 1.06% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Kentucky
In Buffalo, Kentucky, 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 county 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 Buffalo, 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 median home price in Buffalo is $87,450, with tax bills ranging from $280 at the 25th percentile to $1,655 at the 90th percentile. The zip code 42716 has the highest median tax bill at $673. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Buffalo Assessed Value
$87,450
Average Larue County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42716 | $13,500 | $38,000 | $87,450 | $145,000 | $225,000 |
Source: Ownwell
Property Tax Bills Across Buffalo, Kentucky
In Buffalo, Larue County, KY, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine your annual tax bill. For example, with a median home price of $87,450, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors such as property size, location, and any improvements made to the home are considered in the assessment process. The tax bill can significantly impact homeowners, with the 25th percentile tax bill around $280 and the 75th percentile reaching $1,144. For those in the 90th percentile, tax bills can be as high as $1,655. Comparing these figures to the national median property tax rate of 0.99%, Buffalo's tax rates can be seen as relatively moderate, providing a balanced fiscal environment for residents. Understanding these factors can help homeowners plan their finances more effectively.
Average Buffalo Tax Bill
$673
Average Larue County Tax Bill
$717
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42716 | $131 | $280 | $673 | $1,144 | $1,655 |
Source: Ownwell