Buffaloville, Indiana Property Taxes
The median property tax rate in Buffaloville, IN is 0.48%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Buffaloville at $17,250, the typical annual property tax bill is just $79, far below the national median of $2,690. Property taxes in Buffaloville are calculated 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 Buffaloville'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 Buffaloville or another part of Spencer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffaloville, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Buffaloville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffaloville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffaloville 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 Buffaloville, Indiana
Property taxes in Buffaloville, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffaloville is 0.48%, significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Buffaloville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffaloville 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 Buffaloville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47550 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these areas compare with Buffaloville provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffaloville Tax Rate
0.48%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffaloville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47550 | 0.44% | 0.45% | 0.48% | 0.68% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Buffaloville, Indiana
In Buffaloville, Indiana, 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 Spencer 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 Buffaloville, 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 Buffaloville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the lowest tax bill is 47515, with a tax bill of $75, while the highest is 47516, with a tax bill of $421.
Average Buffaloville Assessed Value
$17,250
Average Spencer County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffaloville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47550 | $11,950 | $15,500 | $17,250 | $28,975 | $48,000 |
Source: Ownwell
Property Tax Bills Across Buffaloville, Indiana
In Buffaloville, located in Spencer County, IN, property tax bills are determined by assessing the value of a home and applying the local tax rate. The median home price in Buffaloville stands at $17,250, significantly lower than the national median. Homeowners can expect their tax bills to vary based on their property's assessed value and the specific tax rate set by local authorities. For instance, tax bills in Buffaloville range from the 25th percentile at $75 to the 75th percentile at $299, with the 90th percentile reaching $421. These figures highlight how property taxes can differ widely even within the same locality. The relatively low median home price coupled with these tax rates means that homeowners in Buffaloville generally face lower property tax bills compared to many other areas. This can be beneficial for residents, making homeownership more affordable and potentially increasing disposable income for other expenses.
Average Buffaloville Tax Bill
$79
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffaloville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47550 | $56 | $75 | $79 | $299 | $421 |
Source: Ownwell