Buffalo, Montana Property Taxes
The median property tax rate in Buffalo, MT is 0.58%, 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, the typical annual property tax bill reaches $1,424, well 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 Judith Basin County, 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
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,451
Ownwell’s Buffalo Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Buffalo using just two key data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Buffalo to provide an accurate estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Buffalo, Montana
Property taxes in Buffalo, Montana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 0.58%, 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 areas in Montana and the national median. For comparison, the zip code 59418 has both the highest and lowest median property tax rate of 0.58%, aligning with Buffalo's rate. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Judith Basin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
0.58%
Average Judith Basin County Tax Rate
0.56%
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 | 0.50% | 0.53% | 0.58% | 0.63% | 0.73% |
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 Judith Basin County 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 highest median tax bill is $1424 in the 59418 zip code, while the lowest median tax bill is also $1424 in the same zip code, highlighting a uniformity in tax burdens across the area.
Average Buffalo Assessed Value
$250,087
Average Judith Basin County Assessed Value
$105,348
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 | $76,225 | $116,722 | $250,087 | $391,074 | $555,008 |
Source: Ownwell
Property Tax Bills Across Buffalo, Montana
In Buffalo, located in Judith Basin County, MT, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by county assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Buffalo, the median home price is $250,087. Property tax bills can vary significantly, with the 25th percentile tax bill at $813 and the 75th percentile tax bill at $2,354. At the higher end, the 90th percentile tax bill reaches $3,284. These tax bills fund essential public services such as schools, infrastructure, and emergency services. Homeowners in Buffalo may find that their property taxes are relatively moderate compared to the national median property tax rate of 0.99%. Understanding how these taxes are calculated can help homeowners better anticipate their annual expenses and plan accordingly.
Average Buffalo Tax Bill
$1,424
Average Judith Basin County Tax Bill
$694
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 | $509 | $813 | $1,424 | $2,354 | $3,284 |
Source: Ownwell