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Thread: Hot market boosts city assessments

  1. #1
    Member steven's Avatar
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    Hot market boosts city assessments

    The hot real estate market in some Buffalo neighborhoods will mean bigger property tax bills for thousands of homeowners next summer.
    Notices will start arriving in mailboxes today informing 7,200 property owners that their assessments are set to increase. Another 3,200 property owners will learn that their assessed values will decrease next year as part of an annual revaluation program.

    If none of the increases are successfully challenged in an upcoming grievance process, the changes would add nearly $200 million to the value of city properties, at least in the eyes of assessors.

    The University District would see the largest number of changes in assessed value, followed by the Fillmore and North districts.

    More than 10,400 properties - nearly 11 percent of the city's housing stock - would see some assessment changes.

    A few thousand homeowners would see assessed values go up by at least $10,000, while hundreds of people in more affluent neighborhoods would be hit by assessment increases ranging from $30,000 to more than $240,000. Based on current tax rates, every $10,000 increase in assessed value would increase city property tax bills by $210. Even Mayor Anthony M. Masiello wasn't spared. The assessment on his home on Penhurst Park would increase to $370,000, up $30,100.

    "I know people aren't happy when they have to pay more in taxes, but it's an indication that the city is getting healthier," Masiello said. Some homes in upscale neighborhoods on the West Side and in North Buffalo would see assessments skyrocket by 25 to 40 percent. On streets like Chapin Parkway, Nottingham Terrace, Middlesex Road and Lincoln Parkway, a number of property owners are facing assessment increases of 50 to 70 percent.

    Carole Holcberg, president of Buffalo-based Holcberg Limited Real Estate, said the higher assessments must be put into perspective. She noted that taxes in the city have historically been lower than those in many neighboring communities.

    "We've had a free a ride for a long time," she said.

    Still, Holcberg expressed concern that rising assessments in many city neighborhoods could have a negative impact on sales. She said escalating tax bills could raise "affordability" issues for many prospective buyers.

    Holcberg learned Wednesday from The Buffalo News that the assessment on her Irving Terrace home is slated to go up to $295,000, an increase of nearly $78,000.

    But thousands of homes will see their assessments cut, including many properties in the Fillmore, Ellicott and Masten districts.

    Bruna Michaux, assessment and taxation commissioner, defended the revaluation program.

    "We don't set these assessments off the top of our heads," she said. "They're based on research and solid evidence."

    Assessors have spent nearly a year visiting 20,000 properties, reviewing permits for improvements and analyzing real estate data. State law requires cities to periodically perform field reviews and adjust assessments to deal with inequities.

    "We would be remiss if we didn't do our job and make sure that all properties are assessed fairly," said Michaux. "We can't just look the other way."

    Property owners who think their proposed assessments are too high are encouraged to file challenges. The Board of Assessment Review will begin hearings in January, but property owners must file an assessment complaint form by no later than Jan. 3 in order to schedule a hearing.

    "It's important that people understand this is the beginning of the process, not the end," said Eva M. Hassett, Masiello's chief of staff.

    She encouraged property owners to visit the city's Web site at www.city-buffalo.com where data can be found involving recent property sales and assessed values. Similar information will also be available at various libraries. For information, people may call the city tax office at 851-5733.

    http://www.buffalonews.com/editorial...01/1053068.asp

    _________________________________________________

    got my letter today my home went up by 5k
    People who wonder if the glass is half empty or full miss the point. The glass is refillable.

  2. #2
    Member Chris in Parkside's Avatar
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    My property value went up 54K. It's been 10 years since it was last assessed so, I guess that's acceptable. It is now assessed at near the value I bought it at.

    Unfortunately, my taxes have gone up significantly

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    Member steven's Avatar
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    Originally posted by Chris in Parkside
    My property value went up 54K. It's been 10 years since it was last assessed so, I guess that's acceptable. It is now assessed at near the value I bought it at.

    Unfortunately, my taxes have gone up significantly
    Yikes
    People who wonder if the glass is half empty or full miss the point. The glass is refillable.

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    Member Chris in Parkside's Avatar
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    Originally posted by steven
    Yikes
    The city was attractive to buy in due to the lower tax rates than in the suburbs. It's good that values are going up but taxes going up exponentially in growth neighborhoods will only serve to stymie that growth.

    Last year, my combined county and city tax bill was $4K, now it will be somewhere around $10K. Super. I'd rather live in Amherst and get quality schools and services at those prices.

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    Yikes Part Deux

    Chris, at $10k, you're giving Parkside a bad rep.

    Fess up, you're in Clarence, right?
    Truth springs from argument among friends.

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    Member Chris in Parkside's Avatar
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    Originally posted by biker
    Yikes Part Deux

    Chris, at $10k, you're giving Parkside a bad rep.

    Fess up, you're in Clarence, right?
    No, near the zoo. About 500 yards from Nichols.

    I knew I had it easy with my assessment when I bought the house last year. I was hoping the free ride would last until I sold next year, it was not meant to be.

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    Well, come commiserate with your neighbors.

    See you at the Greater Buffalo Savings Bank tonight.
    Truth springs from argument among friends.

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    I wonder if those homeowners are now supporting consolidation of services if it offers money savings? I can't imagine a $6,000/year tax increase like Penman is getting clobbered with. Granted he lives on Chapin, but it doesn't matter. He said it right- it is punishing those who have chosen to invest in the city.

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    How the heck can the Mayor afford to live in a $400,000 home?

    Did a truck mistakenly dump a load of hundreds in his office?
    Truth springs from argument among friends.

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