Buffalo, Kentucky Property Taxes
The median property tax rate in Buffalo, KY is 1.02%, aligning with the state median but still higher than the national median of 0.99%. With a median home value of $58,100, the typical annual property tax bill in Buffalo is $471, which is significantly lower than the national median of $2,690. Property taxes in Buffalo are determined based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Navigating Buffalo's property tax system, leveraging available exemptions, and seeking opportunities for reductions can result in substantial annual savings. Whether you're situated in Buffalo's core or its surrounding areas, gaining a thorough understanding of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$593
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 1.02%, higher than both the Kentucky state median and 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. The data below compares Buffalo's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42716 zip code has the highest median property tax rate of 1.02%, while the 42716 zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
1.02%
Average Taylor County Tax Rate
1.02%
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 | 0.23% | 1.02% | 1.02% | 1.02% | 1.02% |
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 Taylor 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 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. Being aware of these valuation processes in Buffalo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Buffalo are both $471, found in zip code 42716.
Average Buffalo Assessed Value
$58,100
Average Taylor 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 | $17,920 | $27,000 | $58,100 | $80,000 | $129,251 |
Source: Ownwell
Property Tax Bills Across Buffalo, Kentucky
In Buffalo, KY, property tax bills are determined based on the assessed value of the property, which is typically a percentage of its market value. The median home price in Buffalo is $58,100. Property taxes in this region are influenced by several factors, including the local tax rate and any applicable exemptions. The national median property tax rate is 0.99%, but local rates may vary. Homeowners in Buffalo can expect their tax bills to fall within a range depending on their property's assessed value. The 25th percentile tax bill is $211, while the 75th percentile tax bill is $770. For those at the higher end, the 90th percentile tax bill reaches $1,202. The highest and lowest median tax bills in the county are both reported at $471 in the 42716 zip code. These property taxes fund essential services like schools, public safety, and infrastructure, directly affecting the quality of life in the community. Homeowners should be aware of their property's assessed value and any potential exemptions to better manage their annual tax obligations.
Average Buffalo Tax Bill
$471
Average Taylor County Tax Bill
$681
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 | $106 | $211 | $471 | $770 | $1,202 |
Source: Ownwell