Buffalo, Iowa Property Taxes
The median property tax rate in Buffalo, IA is 1.32%, which is considerably higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With a median home value of $126,700 in Buffalo, the typical annual property tax bill reaches $1,700, falling below 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, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$1,672
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, Iowa
Property taxes in Buffalo, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 1.32%, notably higher 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 Iowa and the national median. For comparison, the 52728 zip code has both the highest and lowest median property tax rate in the county at 1.32%. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
1.32%
Average Scott County Tax Rate
1.63%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52728 | 0.99% | 1.18% | 1.32% | 1.44% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Iowa
In Buffalo, Iowa, 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 Scott 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. Assessment notices in Buffalo 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 highest median tax bill is $1700 in zip code 52728, while the lowest median tax bill is also $1700 in the same zip code.
Average Buffalo Assessed Value
$126,700
Average Scott County Assessed Value
$184,110
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52728 | $42,050 | $83,000 | $126,700 | $177,550 | $235,450 |
Source: Ownwell
Property Tax Bills Across Buffalo, Iowa
Property tax bills in Buffalo, Scott County, IA, are determined by the assessed value of a property and the local tax rate. The assessed value is an estimate of the property's market value, which is then multiplied by the tax rate to calculate the annual tax bill. For example, with a median home price of $126,700, homeowners can expect varying tax bills based on specific factors such as exemptions and local levies. In Buffalo, the 25th percentile tax bill is around $1,148, while the 75th percentile tax bill reaches approximately $2,348, and the 90th percentile can be as high as $3,149. These figures indicate a range of property tax burdens that can significantly impact household budgets. When comparing these rates to the national median property tax rate of 0.99%, homeowners in Buffalo may find their tax bills to be relatively moderate. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Buffalo Tax Bill
$1,700
Average Scott County Tax Bill
$2,966
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52728 | $605 | $1,148 | $1,700 | $2,348 | $3,149 |
Source: Ownwell