Buffalo, Ohio Property Taxes
The median property tax rate in Buffalo, Ohio is 2.85%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Buffalo, the typical annual property tax bill reaches $1,016, exceeding the national median of $2,690. Property taxes in Buffalo 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'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 the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Buffalo Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Buffalo using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, ensuring you make informed financial decisions. For those interested in more granular insights, scroll down to explore trends at the neighborhood level. Your property’s assessed value is the amount determined by the county for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Buffalo, Ohio
Property taxes in Buffalo, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 1.48%, higher than both the Ohio state median of 1.36% 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 Ohio and the national median. For comparison, the 14240 zip code has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
2.85%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14240 | 2.85% | 2.85% | 2.85% | 2.85% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Ohio
In Buffalo, Ohio, 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 Montgomery 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 zip code with the highest and lowest median tax bills is 14240, both at $1016.
Average Buffalo Assessed Value
$35,650
Average Montgomery County Assessed Value
$98,910
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14240 | $35,650 | $35,650 | $35,650 | $35,650 | $35,650 |
Source: Ownwell
Property Tax Bills Across Buffalo, Ohio
In Buffalo, Montgomery County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the final tax bill. For instance, the median home price in Buffalo is $35,650, and the median property tax bill stands at $1,016. This indicates a property tax rate significantly higher than the national median of 0.99%. Several factors influence the assessed value, including the property's location, size, and condition. Local levies and school district taxes also play a role in the final tax amount. Homeowners in Buffalo can expect their property tax bills to fall within a similar range, with the 25th, 75th, and 90th percentiles all at $1,016, reflecting a consistent tax rate across different property values. High property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning.
Average Buffalo Tax Bill
$1,016
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14240 | $1,016 | $1,016 | $1,016 | $1,016 | $1,016 |
Source: Ownwell