Buffalo Center, Iowa Property Taxes
The median property tax rate in Buffalo Center, IA is 1.19%, which is higher than the national median of 0.99% but lower than Iowa's state median of 1.54%. With a median home value of $104,934 in Buffalo Center, the typical annual property tax bill amounts to $1,158, which is below the national median of $2,690. Property taxes in Buffalo Center are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Buffalo Center's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in Buffalo Center or another part of Winnebago County, grasping the local property tax nuances is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo Center, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$1,249
Ownwell’s Buffalo Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Center 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 Center, Iowa
Property taxes in Buffalo Center, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Center is 1.19%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Buffalo Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo Center 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 Center's effective property tax rate to other areas in Iowa and the national median. For comparison, the 50424 zip code has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these areas compare with Buffalo Center provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Center Tax Rate
1.19%
Average Winnebago County Tax Rate
1.42%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo Center, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50424 | 0.78% | 0.98% | 1.19% | 1.34% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Center, Iowa
In Buffalo Center, 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 Winnebago County Assessor 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 Center, 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 Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1158, found in the 50424 zip code.
Average Buffalo Center Assessed Value
$104,934
Average Winnebago County Assessed Value
$124,390
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo Center, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50424 | $25,835 | $58,672 | $104,934 | $160,133 | $235,834 |
Source: Ownwell
Property Tax Bills Across Buffalo Center, Iowa
In Buffalo Center, located in Winnebago County, IA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's size, age, location, and any improvements or renovations made. For homeowners in Buffalo Center, the median home price is approximately $104,934. Property tax bills can vary significantly; for instance, the tax bill at the 25th percentile is around $605, while at the 75th percentile, it rises to $1,962. At the 90th percentile, homeowners might see tax bills as high as $2,749. Comparatively, the median property tax rate in Buffalo Center is higher than the national median of 0.99%, impacting homeowners by potentially increasing their annual expenses. Understanding these factors can help homeowners better anticipate their financial obligations.
Average Buffalo Center Tax Bill
$1,158
Average Winnebago County Tax Bill
$1,770
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Center, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50424 | $249 | $605 | $1,158 | $1,962 | $2,749 |
Source: Ownwell