Buffalo, Montana Property Taxes
The median property tax rate in Buffalo, MT is 0.49%, considerably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Buffalo at $175,013, the typical annual property tax bill reaches $937, significantly 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, Montana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,660
Ownwell’s Buffalo Property Tax Bill Calculator assists homeowners, real estate investors, and potential owners in estimating 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, Montana
Property taxes in Buffalo, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 0.49%, 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 Montana and the national median. For comparison, the 59418 zip code has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these areas compare with Buffalo provides valuable insights into the varying tax landscape across Fergus County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
0.49%
Average Fergus County Tax Rate
0.99%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59418 | 0.43% | 0.43% | 0.49% | 0.56% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Montana
In Buffalo, Montana, 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 Fergus 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. 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 with the highest median tax bill is 59418, with a median tax bill of $937.00, while the zip code with the lowest median tax bill is also 59418, with the same median tax bill of $937.00.
Average Buffalo Assessed Value
$175,013
Average Fergus County Assessed Value
$177,627
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59418 | $23,725 | $64,540 | $175,013 | $246,110 | $580,439 |
Source: Ownwell
Property Tax Bills Across Buffalo, Montana
In Buffalo, Fergus County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Buffalo is $175,013, and the property tax rate is reflective of the region's specific needs and budget requirements. Homeowners in Buffalo can expect significant variation in their tax bills. For instance, the tax bill at the 25th percentile is $318, while at the 75th percentile, it jumps to $1,862. At the 90th percentile, the tax bill can be as high as $4,409. The highest and lowest median tax bills in the area are both recorded at $937 in the 59418 zip code. These property taxes fund essential local services such as schools, roads, and emergency services. Homeowners should be aware of these factors as they directly impact their annual financial obligations and the overall affordability of their homes.
Average Buffalo Tax Bill
$937
Average Fergus County Tax Bill
$1,787
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59418 | $143 | $318 | $937 | $1,862 | $4,409 |
Source: Ownwell