Buffalo, Wyoming Property Taxes
The median property tax rate in Buffalo, WY is 0.66%, slightly higher than the state median of 0.65% but lower than the national median of 0.99%. With the median home value in Buffalo at $289,985, the typical annual property tax bill is around $1,989, which is below the national median of $2,690. Property taxes in Buffalo are calculated based on the assessed value, 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 Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,914
$1,776
Ownwell’s Buffalo Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to 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 provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available further down the page. 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, Wyoming
Property taxes in Buffalo, Wyoming, 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 0.66%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Buffalo set these rates annually, and they can vary 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 Wyoming and the national median. For comparison, the zip code 82834 has both the highest and lowest median property tax rate in Buffalo at 0.66%. Understanding how these rates compare with Buffalo provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Tax Rate
0.66%
Average Johnson County Tax Rate
0.66%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82834 | 0.65% | 0.65% | 0.66% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo, Wyoming
In Buffalo, Wyoming, 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 Johnson 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, 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. The highest median tax bill in Buffalo is $1989 in the 82834 zip code, while the lowest median tax bill is also $1989 in the same zip code. 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
$289,985
Average Johnson County Assessed Value
$283,784
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82834 | $53,404 | $167,358 | $289,985 | $431,227 | $615,064 |
Source: Ownwell
Property Tax Bills Across Buffalo, Wyoming
In Buffalo, located in Johnson County, WY, 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, who evaluates the property's market value and then applies an assessment ratio. This ratio is a percentage of the market value, which varies by state and locality. Once the assessed value is established, it is multiplied by the local tax rate to calculate the property tax bill. For homeowners in Buffalo, the median home price is approximately $289,985. Property tax bills can vary significantly, with the 25th percentile at $1,135 and the 75th percentile at $2,942. The 90th percentile of tax bills reaches up to $4,139. The highest and lowest median tax bills in the area are both $1,989, indicating a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Buffalo's property tax rate impacts homeowners by providing a range of tax bills based on their home's assessed value.
Average Buffalo Tax Bill
$1,989
Average Johnson County Tax Bill
$1,949
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82834 | $369 | $1,135 | $1,989 | $2,942 | $4,139 |
Source: Ownwell