Buffalo, Colorado Property Taxes
The median property tax rate in Buffalo, CO is 0.37%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $1,187,400 in Buffalo, the typical annual property tax bill reaches $4,338, which is notably above 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, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$4,393
$4,077
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, Colorado
Property taxes in Buffalo, Colorado, 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 0.37%, significantly lower than both the Colorado state median and 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 Colorado and the national median. For comparison, the highest median property tax rate in Summit County is 0.37%, while other zip codes may have varying rates. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
0.37%
Average Summit County Tax Rate
0.40%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14224 | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Colorado
In Buffalo, Colorado, 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 Summit 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. For instance, the median home price in Buffalo is $1,187,400, with the 25th, 75th, and 90th percentile tax bills all at $4,338. Zip code 14224 has both the highest and lowest median tax bills at $4,338. 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.
Average Buffalo Assessed Value
$1,187,400
Average Summit County Assessed Value
$629,250
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14224 | $1,187,400 | $1,187,400 | $1,187,400 | $1,187,400 | $1,187,400 |
Source: Ownwell
Property Tax Bills Across Buffalo, Colorado
In Buffalo, Summit County, CO, property tax bills are calculated based on the assessed value of your home, not its market value. The assessed value is determined by the county assessor and typically represents a percentage of the market value. For example, with a median home price of $1,187,400, the assessed value would be a fraction of this amount, depending on local assessment rates. Once the assessed value is established, the tax rate is applied to calculate the tax bill. In Buffalo, the median property tax bill is $4,338, which aligns with the 25th, 75th, and 90th percentiles, indicating a consistent tax rate across different property values. This consistency can be beneficial for homeowners, providing predictability in their annual expenses. Compared to the national median property tax rate of 0.99%, Buffalo's tax rate results in a higher tax bill due to the relatively high property values. As a homeowner, understanding these factors can help you better anticipate your financial obligations and manage your budget effectively.
Average Buffalo Tax Bill
$4,338
Average Summit County Tax Bill
$2,627
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 14224 | $4,338 | $4,338 | $4,338 | $4,338 | $4,338 |
Source: Ownwell