Buffalo, Oklahoma Property Taxes
The median property tax rate in Buffalo, Oklahoma is 0.79%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Buffalo, the typical annual property tax bill reaches $439, significantly less 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, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$462
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, Oklahoma
Property taxes in Buffalo, Oklahoma, 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 0.79%, 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 counties in Oklahoma and the national median. For comparison, the zip code 73834 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these areas compare with Buffalo provides valuable insights into the varying tax landscape across Harper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
0.79%
Average Harper County Tax Rate
0.73%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73834 | 0.51% | 0.65% | 0.79% | 0.90% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Oklahoma
In Buffalo, Oklahoma, 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 Harper 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. Notably, the zip code 73834 has both the highest and lowest median tax bills at $439.
Average Buffalo Assessed Value
$58,500
Average Harper County Assessed Value
$57,434
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73834 | $22,650 | $35,521 | $58,500 | $99,240 | $155,441 |
Source: Ownwell
Property Tax Bills Across Buffalo, Oklahoma
In Buffalo, Harper County, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Buffalo is $58,500. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property size, location, and improvements can affect this assessed value. Homeowners in Buffalo experience a range of tax bills. For instance, the 25th percentile tax bill is $253, while the 75th percentile reaches $774, and the 90th percentile can be as high as $1,226. The highest median tax bill in the area is $439, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services. Understanding these calculations helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Buffalo Tax Bill
$439
Average Harper County Tax Bill
$402
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73834 | $152 | $253 | $439 | $774 | $1,226 |
Source: Ownwell