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Thread: Property values are on the rise

  1. #1
    Tony Fracasso - Admin
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    Property values are on the rise

    Property values are on the rise, why that could cause problems in Buffalo

    BUFFALO, N.Y. (WKBW) — City of Buffalo residents gathered at the Frank E. Merriweather Library Saturday to discuss the possibility of property tax hikes due to the rising property values in certain neighborhoods.

    "Home values in some parts of the City have changed drastically in the last 10 years," said Allentown Association member Jonathan White. "Certain neighborhoods, including Downtown, Allentown, and areas on the West and East sides, are becoming hot markets—with many homes worth double or triple what owners paid for them. For example, according to the City’s OARS website, average sales in the neighborhood west of Grant Street are $100,000, while those homes’ average assessed value is $33,000."
    https://www.wkbw.com/news/local-news...vqp4LD9-oSIC4Q



    What is the issue here? They do what everyone else does. They sell their home if they can't afford the taxes. They should be happy that the value of their homes are increasing. That is what is said in the suburbs. Like Cheekotwaga. You should be happy your net worth increases. Right?

    White says rising property values may seem helpful to homeowners, but for low and moderate income owners who don't have plans to sell their homes it could have a negative impact.
    What negative impact. Town boards in our local suburbs like helping homeowners increase their property values. Generates more revenue for them people running the town.

    “We have seen even moderate tax increases cause long-term homeowners and their families to become displaced through municipal or bank foreclosures—causing the loss of generational wealth," said Colden Ray, a homeownership counselor at Belmont Housing Resources for WNY. "A reassessment without an exemption for lower income homeowners could be devastating to families and our entire community.”
    Welcome to reality

  2. #2
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    Come on, WNY! They’re all lifelong Democrats used to having no consequences for the events in their lives. If their assessment goes up and it causes a tax increase then its necessary to find a white person to put the tax off on...preferably one outside the city. Anything else is racism. The residents of the City of Buffalo haven’t paid anything meaningful to support the city in 40 years. Eighty percent of the city budget is paid for by others...county residents outside the city...state residents outside Erie County...US residents outside New York.

  3. #3
    Tony Fracasso - Admin
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    Buffalo residents voice concerns about property taxes



    The Property Tax Coalition is looking to prevent low-income homeowners in popular Buffalo neighborhoods from paying steep property tax increases.

    https://www.wgrz.com/article/news/bu...mCwp-6Vk3H5Q3E


    "For those individuals, for those families a tax increase, that sees their property tax double or more means that they may not be able to live in their home."
    And. I really don't get their point. This is no different that what happens in the suburbs like Cheektowaga, West Seneca and other towns...




    I'm still completely stumped here. These residents should be rejoicing that the value of their homes are increasing along with contributing to the growth of the City of Buffalo.

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