Buffalo, West Virginia Property Taxes
The median property tax rate in Buffalo, WV is 0.73%, slightly higher than the state median of 0.72% but lower than the national median of 0.99%. With a median home value of $70,400, the typical annual property tax bill in Buffalo amounts to $617, significantly below the national median of $2,690. Property taxes in Buffalo are determined based on the assessed value, which is often lower than the market value due to various exemptions, including those for primary residences and agricultural properties. Grasping 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 Putnam County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$514
Ownwell’s Buffalo Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating annual property taxes in Buffalo with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Buffalo to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities, helping you plan and budget more effectively. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Buffalo, West Virginia
Property taxes in Buffalo, West Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 0.73%, which is lower than 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 West Virginia and the national median. For comparison, the zip code 25033 has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
0.73%
Average Putnam County Tax Rate
0.73%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25033 | 0.43% | 0.65% | 0.73% | 0.88% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, West Virginia
In Buffalo, West Virginia, 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 Putnam County Assessor 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. For instance, the median tax bill in zip code 25033 is $617, showcasing the variance within the region.
Average Buffalo Assessed Value
$70,400
Average Putnam County Assessed Value
$136,400
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25033 | $8,500 | $30,100 | $70,400 | $125,200 | $185,940 |
Source: Ownwell
Property Tax Bills Across Buffalo, West Virginia
In Buffalo, Putnam County, WV, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property’s size, location, and any improvements or renovations. For instance, the median home price in Buffalo is $70,400, which results in varying tax bills across different percentiles. Homeowners in the 25th percentile pay around $278, while those in the 75th percentile face a tax bill of approximately $1,046. At the 90th percentile, the tax bill can rise to $1,586. These tax bills can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. The highest median tax bill in the area is $617, found in the 25033 zip code, which illustrates the variability within the region. This system ensures that property taxes are proportionate to property values, affecting homeowners' annual financial planning.
Average Buffalo Tax Bill
$617
Average Putnam County Tax Bill
$1,099
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 25033 | $115 | $278 | $617 | $1,046 | $1,586 |
Source: Ownwell