Buffalo, Kentucky Property Taxes
The median property tax rate in Buffalo, Kentucky is 1.03%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $75,000 in Buffalo, the typical annual property tax bill amounts to $534, which is considerably lower than the national median of $2,690. Property taxes in Buffalo are calculated based on the tax assessed value, which often 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, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
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, Kentucky
Property taxes in Buffalo, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo is 1.03%, higher 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 Kentucky and the national median. For comparison, the 42716 zip code has the highest median property tax rate of 1.03%, while the 42716 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Green County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
1.03%
Average Green County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42716 | 0.38% | 0.65% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Kentucky
In Buffalo, Kentucky, 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 Green 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 median home price in Buffalo is $75,000, with tax bills ranging from $213 at the 25th percentile to $1,546 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 42716, at $534.
Average Buffalo Assessed Value
$75,000
Average Green County Assessed Value
$56,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42716 | $8,550 | $35,250 | $75,000 | $113,300 | $154,300 |
Source: Ownwell
Property Tax Bills Across Buffalo, Kentucky
In Buffalo, Kentucky, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value typically aims to reflect the market value of the property. The tax rate is then applied to this assessed value to calculate the tax bill. Several factors can influence the assessed value, including the property's size, location, and condition. For homeowners in Buffalo, the median home price is $75,000. Property tax bills can vary significantly, with the 25th percentile paying around $213, while those in the 75th percentile see bills closer to $1,020. The highest tax bills, in the 90th percentile, can reach up to $1,546. Compared to the national median property tax rate of 0.99%, Buffalo's property tax rates offer a range of financial impacts depending on the property's assessed value. Homeowners need to be aware of these factors as they can significantly affect their annual expenses.
Average Buffalo Tax Bill
$534
Average Green County Tax Bill
$485
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42716 | $78 | $213 | $534 | $1,020 | $1,546 |
Source: Ownwell