When a city is on the rise, so too are its property values. With stepped up property values comes increases in property taxes, naturally. The problem with Buffalo at this point, is that the property values have shot up so drastically in certain neighborhoods that some homeowners are facing 30% tax increases, or more, compared to when they purchased their affordable homes a decade ago.
On Monday, February 12 (6:30 PM), the Allentown Association, Partnership for the Public Good, Assemblyman Sean Ryan, Preservation Buffalo Niagara, and West Side Neighborhood Housing Services will host a Town Hall meeting to address the adverse impacts that the tax hike would have on neighborhood stability and diversity.
Speakers will outline the existing conditions and the anticipated impact of Buffalo’s comprehensive reassessment on tax rates. There will also be an overview of the proposed State legislation and first hand reports from homeowners who could be forced to move if taxes increase beyond threshold values.
For example, in Allentown, property values have doubled in the last six years, according to the Allentown Association. That’s going to have a significant impact on the wallets of a lot of people. Therefore, residents from all Buffalo neighborhoods are encouraged to attend the town hall meeting, to learn about the efforts of Town Hall sponsors and Assemblyman Sean Ryan “to draft State legislation that will authorize the City of Buffalo to defer large tax increases for income-eligible homeowners.”
This scenario is certainly a Catch-22.
On one hand, it’s great to see property values going up. On the other had, there will be adverse effects on some homeowners who are not able to afford the drastic tax increases.
At the meeting, Assemblyman Ryan will provide an overview of the proposed State legislation. Also, City officials will be attending the meeting, including Martin Kennedy, Commissioner of Assessment and Taxation, and Fillmore Councilmember David Franczyk. A number of homeowners will also be providing “first hand reports” of instances that demonstrate the financial burdens that they face.
Town Hall Meeting Set to Address Property Tax Increases Due to Gentrification
Monday, February 12, 2018
First Presbyterian Church, 1 Symphony Circle, Buffalo (Across from Kleinhans Music Hall)