Buffalo Lake, Minnesota Property Taxes
The median property tax rate in Buffalo Lake, MN is 1.51%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Buffalo Lake at $170,000, the typical annual property tax bill reaches $1,922, which is still below the national median of $2,690. Property taxes in Buffalo Lake 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 Buffalo Lake'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 Lake 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
Buffalo Lake, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Buffalo Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Lake 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 Lake, Minnesota
Property taxes in Buffalo Lake, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Lake is 1.51%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Buffalo Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo Lake 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 Lake's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55314 zip code has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Buffalo Lake provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Lake Tax Rate
1.51%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55314 | 0.43% | 0.60% | 1.51% | 2.21% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Lake, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Buffalo Lake, MN. 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 Renville 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 Lake, 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. For instance, the tax bill at the 25th percentile is $1,221, while at the 75th percentile, it is $2,959. The highest median tax bill in the area is $1,922, and the lowest is also $1,922, both found in the 55314 zip code. By understanding 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 Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Buffalo Lake, Minnesota
Source: Ownwell
$75,700
$568,450
$1,061,200
Average Buffalo Lake Assessed Value
$170,000
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55314 | $42,140 | $90,400 | $170,000 | $282,100 | $523,260 |
Source: Ownwell
Property Tax Bills Across Buffalo Lake, Minnesota
In Buffalo Lake, located in Renville County, MN, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by local assessors who evaluate various factors such as the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Buffalo Lake, the median home price is $170,000. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,221 and the 75th percentile reaching $2,959. The highest median tax bill in the area is $1,922, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners in Buffalo Lake should be aware of these factors, as they directly impact their annual financial obligations and the quality of services they receive in their community.
Average Buffalo Lake Tax Bill
$1,922
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55314 | $575 | $1,221 | $1,922 | $2,959 | $4,518 |
Source: Ownwell