Buffalo Lake, Minnesota Property Taxes
The median property tax rate in Buffalo Lake, MN is 0.49%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Buffalo Lake, the typical annual property tax bill reaches $3,183, exceeding the national median of $2,690. Property taxes in Buffalo Lake 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 Lake'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 Lake 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 Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$3,752
Ownwell’s Buffalo Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Lake 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 Lake, Minnesota
Property taxes in Buffalo Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Lake is 0.49%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Buffalo Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo Lake 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 Lake's effective property tax rate to other areas in Sibley County and the national median. For comparison, the zip code 55314 has the highest median property tax rate of 0.49%, while the same zip code has the lowest median tax rate of 0.49%. Understanding how these areas compare with Buffalo Lake provides valuable insights into the varying tax landscape across Sibley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Lake Tax Rate
0.49%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55314 | 0.25% | 0.32% | 0.49% | 0.57% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Lake, Minnesota
In Buffalo Lake, Minnesota, 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 Sibley 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 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. For instance, in Buffalo Lake, the median home price is $765,750, with tax bills ranging from $1,468 at the 25th percentile to $7,371 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 55314, standing at $3,183. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Buffalo Lake Assessed Value
$765,750
Average Sibley County Assessed Value
$273,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55314 | $172,160 | $305,700 | $765,750 | $1,272,125 | $1,628,920 |
Source: Ownwell
Property Tax Bills Across Buffalo Lake, Minnesota
In Buffalo Lake, Sibley County, MN, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners, factors such as property size, location, and market conditions play a significant role in the assessed value. The median home price in Buffalo Lake is $765,750, and the property tax bills vary significantly across different percentiles. For instance, the 25th percentile tax bill stands at $1,468, while the 75th percentile reaches $4,582. At the 90th percentile, homeowners can expect to pay around $7,371. The highest median tax bill in the area is $3,183, which is also the lowest median tax bill, indicating a uniformity in the tax rate within the zip code 55314. These property taxes directly impact homeowners by influencing their annual financial planning and the overall cost of owning a home in Buffalo Lake.
Average Buffalo Lake Tax Bill
$3,183
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55314 | $759 | $1,468 | $3,183 | $4,582 | $7,371 |
Source: Ownwell