265/75R16 is 0.59" shorter than 275/75R16, a −1.83% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.30" (half the diameter change), and the tire needs 0.30" less room above it.
275/75R16 is 0.39" wider. On the same wheel offset about half of that, 0.20", moves toward the suspension and half toward the fender.
Both fit a 16" wheel; the sidewall is 0.30" shorter on 265/75R16.
Details: 275/75R16 in inches · 265/75R16 in inches · change sizes in the calculator