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In the City of Buffalo, the reassessment process is a three-step process conducted by the Assessment & Taxation Department. The first step is data collection, where assessors gather information about the physical characteristics of properties in the city. This includes data such as the size, age, condition, and location of properties.
The second step is data analysis, where the gathered data is analyzed to determine the market value of each property in the city. The market value is the amount that a property would sell for on the open market.
Once the market value of a property is determined, the third step is to compare it with the property's assessed value, which is used to calculate property taxes. If the market value is higher than the assessed value, the property owner may see an increase in their property taxes. Conversely, if the market value is lower than the assessed value, the property owner may see a decrease in their property taxes.
If a property owner disagrees with the assessed value of their property, they have the right to challenge the assessment through a formal appeals process. The appeals process in Buffalo involves presenting evidence to support a different assessed value, such as recent sales of comparable properties or evidence of significant physical damage to the property. The Assessment & Taxation Department will review the evidence presented and make a determination regarding the assessment.
Overall, the reassessment process in the City of Buffalo is an important tool used by the local government to ensure that property taxes are fairly and accurately assessed based on the market value of properties.
Q: Is this project going to subsidize Developers?
A: No
Q: How do I check the market activity for my property?
A: Visit: Buffalo Property Record Card. People can look up their properties to get an idea of the market activity in your area.
Q: If someone overpays for a home in my neighborhood will I overpay taxes?
A: No, because your personal property is not being compared for value
Q: Do we get the information on the comparable property for our assessment?
A: Yes, won't be publicly shared but will receive individually. If you think it isn't equally evaluated contact them at the informal review process.
Q: What is the time period of sales you're looking at?
A: January 1 2021 through July 1, 2024 (residential properties)
Q: What happens if a recession/pandemic reoccurs?
A: We intend post-project not to do a total reassessment but do partial reassessing on an annual basis to stay up to date.
Q: Is the commercial on the same time frame, are you assessing those as well?
A: Yes
Q: Is there a particular order based on the area?
A: Moving by district within the city, a data mailer will be sent out in the next couple of months on the assessment of the property as it stands