Buffalo, Indiana Property Taxes
The median property tax rate in Buffalo, IN is 0.77%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $63,100 in Buffalo, the typical annual property tax bill amounts to $239, which is significantly less than the national median of $2,690. Property taxes in Buffalo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Buffalo's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Buffalo or another part of White County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo, 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 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, Indiana
Property taxes in Buffalo, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 0.77%, 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 Indiana and the national median. For comparison, the zip code 47925 has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
0.77%
Average White County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47925 | 0.20% | 0.23% | 0.77% | 0.93% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Indiana
In Buffalo, 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 White 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. The zip code 47925 has the highest and lowest median tax bill, both at $239.
Average Buffalo Assessed Value
$63,100
Average White County Assessed Value
$154,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47925 | $19,500 | $43,800 | $63,100 | $106,200 | $137,700 |
Source: Ownwell
Property Tax Bills Across Buffalo, Indiana
In Buffalo, White County, Indiana, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. For homeowners in Buffalo, the median home price is $63,100. Property tax bills vary significantly, with those in the 25th percentile paying around $134 annually, while those in the 75th percentile pay approximately $537. The tax bill for the 90th percentile reaches up to $1,079. The local tax rate is applied to the assessed value to determine the final tax bill. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Buffalo experience relatively lower property tax bills. This can make homeownership more affordable, but it also means that local services funded by property taxes may have different levels of support.
Average Buffalo Tax Bill
$239
Average White County Tax Bill
$1,109
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47925 | $91 | $134 | $239 | $537 | $1,079 |
Source: Ownwell