BUFFALO, N.Y. (WIVB)- This year the City of Buffalo will begin reassessing it’s some 90,000 parcels, or properties.
“The person that buys now knows what they’re getting into,” explained Executive Director of the Allentown Association, Andrew Eisenhardt.
Eisenhardt argues, as do many other neighborhood groups, that certain homeowners will be adversely affected by changing property values.
“People don’t think high property value would be a bad thing but there are some negatives with it,” he said.
According to the Allentown Association, many homeowners in the area are looking at property tax bills that are double or even triple what they’re used to paying, due to a spike in their property’s value over the last several years.
Dolores Murphy has been in her home in Allentown for almost 50 years. She knows the value has gone up by a lot.
“I still have a mortgage on the house and if it’s reassessed at a much higher value and if it’s tripled the assessment, I don’t know if I can afford it any more.”
She’s on a fixed income and retired.
“The profits to be made would be if I sold the house,” Murphy said. Selling isn’t something she wants to do.
State law won’t allow the city to increase the property tax rate by more than two percent, but your property tax bill also depends on how much your home is worth.
Councilmember David Franczyk told News 4 he don’t anticipate homeowners facing triple their standard property tax bill. He also pointed to the fact that some in Buffalo will see a decrease in their bill.
“It’s going to force people out of their homes. If this happens,” said Eisenhardt.
The Allentown Association is working with Assemblymember Sean Ryan on this.
Legislation has been drafted that would offer property tax relief to certain individuals if they’re bill spikes to a certain amount as a direct result of reassessment.
The legislation is still in its beginning stages.