Buffalo, Missouri Property Taxes
The median property tax rate in Buffalo, MO is 0.78%, which is notably lower than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $68,250 in Buffalo, the typical annual property tax bill amounts to $525, significantly less than the national median of $2,690. Property taxes in Buffalo are calculated based on the tax assessed value, which is often lower than 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, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$532
Ownwell’s Buffalo Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to 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 provide an accurate property tax bill estimate. This invaluable tool helps you understand potential tax liabilities, making financial planning easier. For those curious about more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Dallas County, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Buffalo, Missouri
Property taxes in Buffalo, Missouri, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 0.91%, which is higher than the Missouri state median of 0.91% but still below 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 Missouri and the national median. For comparison, 65622 has the highest median property tax rate of 0.91%, while 65622 also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Dallas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
0.78%
Average Dallas County Tax Rate
0.78%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65622 | 0.72% | 0.76% | 0.78% | 0.81% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Missouri
In Buffalo, Missouri, 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 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. Notably, the zip code 65622 has the highest and lowest median tax bill at $525.
Average Buffalo Assessed Value
$68,250
Average Dallas County Assessed Value
$66,700
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65622 | $23,100 | $38,500 | $68,250 | $110,750 | $168,550 |
Source: Ownwell
Property Tax Bills Across Buffalo, Missouri
In Buffalo, Dallas County, MO, property tax bills are calculated based on the assessed value of a home. The process starts with the county assessor determining the market value of the property. This value is then multiplied by the assessment ratio, which in Missouri is typically 19% for residential properties. The assessed value is then subject to the local tax rate, which varies by jurisdiction within the county. Several factors influence the final tax bill, including the home's location, the local school district, and any applicable exemptions. For instance, the median home price in Buffalo is $68,250. Homeowners in the 25th percentile can expect a tax bill around $306, while those in the 75th percentile might see bills closer to $859. The highest median tax bill in the area is $525 in the 65622 zip code. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting homeowners by ensuring community amenities and property value stability.
Average Buffalo Tax Bill
$525
Average Dallas County Tax Bill
$511
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65622 | $186 | $306 | $525 | $859 | $1,303 |
Source: Ownwell