Buffalo, Polk County, Missouri Property Taxes
The median property tax rate in Buffalo, MO is 0.95%, slightly lower than the national median of 0.99% and significantly below the Missouri state median of 1.20%. With the median home value in Buffalo at $46,105, the typical annual property tax bill is around $470, much less than the national median of $2,690. Property taxes in Buffalo 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. 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, Polk County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$438
$406
Ownwell’s Buffalo Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Buffalo with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Buffalo to project your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-specific trends, more localized information is available below. Your property’s assessed value is the figure assigned by Polk County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Buffalo, Polk County, Missouri
Property taxes in Buffalo, Missouri, 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 0.95%, which is slightly 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. Understanding how these cities compare with Buffalo provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
0.95%
Average Polk County Tax Rate
0.91%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65622 | 0.75% | 0.87% | 0.95% | 0.99% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Polk County, Missouri
In Buffalo, Missouri, 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 Polk 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 highest and lowest median tax bills are both $470.00 in the zip code 65622.
Property Tax Assessment Values Across Buffalo, Polk County, Missouri
Source: Ownwell
$19,386
$60,099
$100,811
Average Buffalo Assessed Value
$46,105
Average Polk County Assessed Value
$49,465
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65622 | $14,176 | $23,895 | $46,105 | $90,496 | $134,226 |
Source: Ownwell
Property Tax Bills Across Buffalo, Polk County, Missouri
In Buffalo, located in Polk County, MO, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by the county assessor and represents a percentage of the property's market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Buffalo, the median home price is $46,105, which serves as a baseline for these calculations. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners can expect their tax bills to vary, with the 25th percentile at $239 and the 75th percentile reaching $846. For those in the 90th percentile, tax bills can go up to $1263. Buffalo's median tax bill stands at $470, which is below the national median property tax rate of 0.99%. These property taxes contribute to essential public services, making them a crucial aspect of homeownership in the area.
Average Buffalo Tax Bill
$470
Average Polk County Tax Bill
$421
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65622 | $147 | $239 | $470 | $846 | $1,263 |
Source: Ownwell