Buffalo, Minnesota Property Taxes
The median property tax rate in Buffalo, MN is 1.11%, aligning with the state median but significantly higher than the national median of 0.99%. With a median home value of $343,300, the typical annual property tax bill in Buffalo amounts to $3,622, surpassing the national median of $2,690. Property taxes in Buffalo are 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 substantial annual savings. Whether you're in the heart of Buffalo or another part of the city, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$3,811
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, Minnesota
Property taxes in Buffalo, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 1.11%, higher than both the Minnesota 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 Minnesota and the national median. For comparison, the 55313 zip code has the highest median property tax rate of 1.11%, while the 55313 zip code has the lowest median tax rate of 1.11%. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
1.11%
Average Wright County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55313 | 0.77% | 0.89% | 1.11% | 1.16% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Minnesota
In Buffalo, Minnesota, 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 Wright 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. The median home price in Buffalo is $343,300, with tax bills ranging from $2,974 at the 25th percentile to $5,732 at the 90th percentile. Notably, the highest and lowest median tax bills, both at $3,622, are found in the 55313 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Buffalo Assessed Value
$343,300
Average Wright County Assessed Value
$352,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55313 | $218,900 | $274,600 | $343,300 | $451,200 | $646,900 |
Source: Ownwell
Property Tax Bills Across Buffalo, Minnesota
In Buffalo, Wright County, MN, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value. For instance, with a median home price of $343,300, homeowners can expect varying tax bills depending on their property's specific assessment and local tax rates. The tax bill for homes in the 25th percentile is around $2,974, while those in the 75th percentile see bills of approximately $4,574. Homes in the 90th percentile face even higher bills, reaching up to $5,732. These figures highlight the range of property tax burdens homeowners might experience. Compared to the national median property tax rate of 0.99%, homeowners in Buffalo may find their tax bills considerably impactful. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are prepared for their annual property tax responsibilities.
Average Buffalo Tax Bill
$3,622
Average Wright County Tax Bill
$3,554
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55313 | $2,384 | $2,974 | $3,622 | $4,574 | $5,732 |
Source: Ownwell