Buffalo, Wright County, Minnesota Property Taxes

Name: Property Tax Bills Across Buffalo, Wright County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Buffalo, MN effective property tax rate: 1.11%, significantly higher than the national median of 1.02%, but equal to the Minnesota state median of 1.11%.
Median Buffalo, MN home value: $343,300
Median annual Buffalo, MN tax bill: $3,622, $1,222 higher than the national median property tax bill of $2,400.

How are property taxes in Wright calculated?

Property taxes in Buffalo, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Buffalo’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Buffalo, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Buffalo, Wright County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.11%

Estimate Property Tax Bill

$3,811

$3,536

Ownwell’s Buffalo Property Tax Bill Calculator empowers 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, our calculator applies Buffalo’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Wright County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Buffalo, Wright County, Minnesota

Local government entities determine tax rates, and these can differ significantly within a state. Each year, counties estimate the budget required to provide essential services and divide this by the total assessed value of all taxable property in their area, resulting in the property tax rate. While laws and votes play roles in setting these rates and budgets, this is the core of the annual process.

In Buffalo, located in Wright County, the effective property tax rate stands at 1.11%. This rate is notably higher than the national median property tax rate of 1.02%, indicating a more significant financial obligation for property owners in this region compared to the national average. However, within Minnesota, Buffalo's rate aligns with both the highest and lowest median property tax rates, highlighting a level of consistency in the region's tax assessment. This comparison underscores the importance of understanding local property tax rates, as they can substantially impact the cost of owning property. By staying informed, property owners can better navigate the financial landscape and make informed decisions regarding their real estate investments.

Property Tax Rates Across Buffalo, Wright County, Minnesota

Source: Ownwell

0.68%

0.91%

1.13%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Buffalo Tax Rate

1.11%

Median Effective Wright County Tax Rate

1.04%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Buffalo, Wright County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55313	0.77%	0.89%	1.11%	1.16%	1.21%

Source: Ownwell

Property Tax Assessment Values Across Buffalo, Wright County, Minnesota

When examining property taxes in Buffalo, Minnesota, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Wright County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Wright County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Buffalo.

For example, the median home price in Buffalo is $343,300, with tax bills ranging significantly across the county. Zip code 55313 has the highest median home price at $343,300.

Property Tax Assessment Values Across Buffalo, Wright County, Minnesota

Source: Ownwell

$271,300

$421,175

$571,050

Median Buffalo Market Value

$343,300

Median Wright County Market Value

$352,100

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Buffalo, Wright County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55313	$218,900	$274,600	$343,300	$451,200	$646,900

Source: Ownwell

Property Tax Bills Across Buffalo, Wright County, Minnesota

In Buffalo, located in Wright County, MN, property tax bills are calculated based on the assessed value of a home, which is influenced by the local market conditions. The median home price in Buffalo is $343,300, leading to varying tax bills across different percentiles. For example, the 25th percentile tax bill is $2,974, while the 75th percentile reaches $4,574, and the 90th percentile can go up to $5,732. The median tax bill in Buffalo is $3,622, which is above the national median property tax bill of $2,400. These tax bills can significantly impact homeowners, particularly those with higher assessed properties. However, Ownwell offers a solution by providing property tax appeal services that can potentially lower these bills. By analyzing the assessed values and local market trends, Ownwell helps homeowners identify discrepancies or overvaluations that can be challenged, ultimately leading to possible reductions in property tax liabilities and substantial savings for homeowners.

Property Tax Bills Across Buffalo, Wright County, Minnesota

Source: Ownwell

$2,768

$4,012

$5,255

Median Buffalo Tax Bill

$3,622

Median Wright County Tax Bill

$3,554

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Buffalo, Wright County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55313	$2,384	$2,974	$3,622	$4,574	$5,732

Source: Ownwell